SeLoger's Financial Statements

Consolidated income statement

FYE 31/12, in €m
Revenues
% growth
Other operating income
Purchases consumed
Payroll costs
External charges
Taxes and duties
Other operating income from ordinary activities
EBITDA
% margin
Depreciation of property, plant and equipment
Provisions
Amortisation of intangible assets
EBIT
% margin
Income from cash & cash equivalent
Cost of gross financial debt
PBT
Income Tax Benefit / (Expense)
Implied tax rate
Reported Net Income
Minority interests
Net Income - group share
Adjusted net income

Consolidated cash flow statement

FYE 31/12, in €m
Net Income (including minority interests)

Net charges to amortization, depreciation and provisions (excluding those

related to current assets)
Unrealized gains and losses from changes in fair value
Income and expenses linked to stock options & equivalent
Capital gains and losses on disposal
Cash flow from operating activities after cost of net financial debt and tax
Cost of net financial debt
Tax
Cash flow from operating activities before cost of net financial debt and tax
Tax paid
Change in operating working capital requirement
Net cash flow from operating activities

Cash outflows for acquisitions of tangible assets

Cash outflows for acquisitions of PPE
Cash intflows for acquisitions of PPE and intangible assets
Cash outflows for acquisitions of financial investments
Cash intflows for acquisitions of financial investments
Payments related to share buy-out obligation
Impact of change in scope
Changes in loans and advances granted
Net cash flows from investing activities

Proceeds derived from the exercise of stock options

Purchase and resale of treasury shares
Repayments of borrowings
Net interest paid
Other cash flows from financing activities
Net cash flow from financing activities

Change in net cash

Consolidated balance sheet

FYE 31/12, in €m
Goodwill
Intangible assets
Tangible asstes
Other non-current assets
Total non-current assets

Inventories
Trade receivables
Current taxes
Other current assets
Cash & cash equivalents
Total current assets

TOTAl ASSETS
Total shareholder's equity

Banks loans and other borrowings

Other non-current liabilities
Deferred tax liabilities
Total non-current liabilities

Bank overdrafts and other short term borrowings

Trade payables
Current taxes
Less than one-year provisions
Other current liabilities
Total non-current liabilities

TOTAL LIABILITIES
atement

2007A 2008A 2009A

57,219,155 71,666,591 73,045,265
25.25% 1.92%
37,992 126
(97,657) (162,118) (196,382)
(14,325,646) (17,912,987) (18,881,927)
(11,030,661) (14,643,248) (13,279,904)
(1,488,682) (1,585,433) (1,614,869)
(646,758) (418,633) (1,780,141)
29,667,743 36,944,298 37,292,042
51.85% 51.55% 51.05%
(446,108) (675,038) (745,241)
(115,581) (1,212,830) (1,139,653)
(5,188,334) (5,306,073) (5,370,487)
23,917,720 29,750,357 30,036,661
41.80% 41.51% 41.12%
767,830 1,098,243 236,953
(4,768,209) (4,596,497) (2,644,751)
19,917,341 26,252,103 27,628,863
(6,414,040) (9,237,620) (9,949,673)
32.20% 35.19% 36.01%
13,503,301 17,014,483 17,679,190
81,906 86,628 137,187
13,421,395 16,927,855 17,542,003
13,421,395 16,927,855 17,542,003

tatement

2007A 2008A 2009A

13,503,301 17,014,483 17,679,190

5,943,828 6,194,753 6,018,317

67,904
437,210 668,821 1,049,505
82,056
19,952,243 23,960,113 24,747,012
4000388 3,498,352 2,407,798
 6414040 9,238,542 9,949,673
30,366,671 36,697,007 37,104,483
(9,317,374) (17,428,430)
(946,364) (559,336) 3,755,808
29,420,307 26,820,297 23,431,861

(562,944) (472,381) (237,237)

(910,535) (987,613) (218,328)
131,989 30,312
(154,690)
64,401 284,577
(11,201,711) (2,843,000)
(4,054,008) (292,210)
21584
(12,633,490) (8,042,113) (726,191)

65,751
(353,826) (216,522) (75,675)
(10,000,000) (14,000,000) (16,072,592)
(4,000,388) (3,579,938) (1,771,556)
(1,296,755)
(15,585,218) (17,796,460) (17,919,823)

1,201,599 981,724 4,785,847

sheet

12/31/2007 12/31/2008 12/31/2009 6/30/2010

133,415,493 137,185,655 135,378,212 135,378,212
86,346,125 81,547,052 79,756,946 77,409,587
1,292,300 1,769,099 1,263,194 1,096,640
259,794 291,327 915,722 595,068
221,313,712 220,793,133 217,314,074 214,479,507

14,550 46,476 7,957 13,413

12,310,407 16,305,562 12,228,881 14,405,030
1,038,564 205,483
2,369,098 1,039,079 1,290,377 1,821,212
26,996,086 27,978,813 32,764,799 27,239,188
42,728,705 45,575,413 46,292,014 43,478,843

264,042,417 266,368,546 263,606,088 257,958,350

144,120,592 161,499,687 179,796,364 185,428,482

53,358,240 38,750,540 23,416,402 15,737,906

6,339,022 4,260,306 756,267 828,167
29,129,436 27,009,633 26,234,790 25,204,635
88,826,698 70,020,479 50,407,459 41,770,708

15,639,981 15,489,221 15,410,323 15,396,505

2,762,292 3,115,894 3,624,674 3,796,464
5,101,367 6,195,236 247,147 955,967
57314 270932 173,518 173,518
7534173 9777097 13,946,603 10436706
31,095,127 34,848,380 33,402,265 30,759,160

264,042,417 266,368,546 263,606,088 257,958,350

Brokers' target prices

Brokers' target prices and recommendations

Recorded target prices since H1 results
Analysts Date Recommendation
Reported target price
Goldman Sachs 14 Oct. 2010 Buy €44.8
Société Générale 1 Oct. 2010 Buy €42.0
Cheuvreux 1 Oct. 2010 Buy €36.0
UBS 28 Sep. 2010 Buy €40.0
Gilbert Dupont 27 Sep. 2010 Buy €39.8
BoA - ML 20 Sep. 2010 - -
HSBC 17 Sep. 2010 Neutral €40.0
Exane 16 Sep. 2010 Neutral €40.0
Arkeon 16 Sep. 2010 Sell €34.0
ID Midcaps 10 Sep. 2010 Buy €40.0
Mean €39.6
Median €40.0
Min €34.0
Max €44.8

(1) H1 results' anouncement dated 9 September 2010

(2) "Standalone" = without control premium as in the context of Axel Springer's offer, some equity a
control premium to their intrinsic value:
- SG included a 20% premium following Axel Springer's announcement
- UBS's target price represents an weighted average between an intrinsic value at €38,50 (weigthed
share value in the event of an offer (weighted to 20%)
dations
et prices since H1 results' announcement (1)
Target price "standalone"(2)
€44.8
€35.0
€36.0
€38.5
€39.8
-
€40.0
€40.0
€34.0
€40.0
€38.7
€39.8
€34.0
€44.8

ger's offer, some equity analysts included a

lue at €38,50 (weigthed to 80%) and a €46

Premia offered

Analysis of recorded premia offered in the context of public tender offers i

Sample's mean
SeLoger's share price (in €/share)
Implied price per SeLoger's share
Premium / (Discount) on the €34/share offer

Analysis of recorded premia offered in the context of unsolicited public tender o

Date Acquiror Target Offer type

16 Dec. 2009 Siegco Valtech Cash offer

29 Aug. 2008 Lamgold Euro Ressources Cash offer
31 May. 2006 Mittal Arcelor Mixed offer
7 May. 2004 Sanofi-Synthelabo Aventis Mixed offer
2 Oct. 2003 Alcan Inc. Pechiney Mixed offer
4 Apr. 2002 SAICA et Mondi La Rochette Cash offer
8 Feb. 2002 Partouche Europeenne de Casinos Cash offer
20 Jul. 1999 Total Fina Elf Share offer
8 Jul. 1999 BNP Paribas Share offer
24 Mar. 1999 Fimalac Strafor Facom Cash offer
Mean
SeLoger's share price (in €/share)
Implied price per SeLoger's share
Premium / (Discount) on the €34/share offer

(1) Sample gathering all OPA of comparabe size (€200m-€1bn) realised under the French usual proce
following transactions (acquiror / target): Citloi / Ilog (26 August 2008), Axel Springer / auFeminin
Contracting (21 June 2007), Credit Foncier / Locindus (21 December 2006), Bridgepoint Capital / Al
Altamir et MMG / Sechilienne-Sidec (30 August 2005), Groupe Suren / Medidep (16 August 2005),
Private Equity / Camaïeu (1er February 2005), Hutchinson Whampoa / Marionnaud (14 January 2005
March 2004), Multibrands SAS / GrandVision (27 July 2003), SAICA et Mondi / La Rochette (9 Apr
Casinos (26 February 2002), ABB / Entrelec Group (19 April 2001), Financière Alexandre III / Fives
Indosuez / CPR (21 September 2000), 9 Telecom Réseau / Jet Multimedia (18 September 2000), Soc
July 2000), Société Générale d’Entreprises / Sogeparc (19 July 1999), More Group Europe / Dauphin
Europe 1 (12 April 1999), Fimalac / Strafor Facom (24 March 1999), Continentale d’Entreprises / No
Sefimeg (29 January 1998).
Source: Offer documents available on the AMF website
he context of public tender offers in France since 1998 (1)

Premia offered over volume weighted average share price

1 day 1 month 3 months 6 month 12 months
22.5% 29.3% 33.2% 32.7% 32.1%
30.00 29.24 29.23 29.21 27.20
36.76 37.81 38.94 38.77 35.94
(7.5%) (10.1%) (12.7%) (12.3%) (5.4%)

ntext of unsolicited public tender offers in France since 1998

Premia offered over volume weighted average share price
1 day 1 month 3 months 6 month 12 months
25.7% 27.2% 43.1% 55.0% 69.7%
30.4% 27.0% 23.3% 21.1% 19.5%
85.4% 79.0% 81.2% 91.1% 104.9%
30.1% 31.4% 35.6% 36.2% 37.7%
51.6% 63.9% 81.1% 83.9% 57.7%
91.3% 96.8% 97.9% 75.8% 73.0%
49.4% 64.0% 73.8% 60.2% 48.6%
28.2% 30.4% 29.0% 32.4% 34.6%
39.4% 41.5% 40.4% 43.3% 33.8%
31.8% 36.7% 33.9% 44.8% 23.8%
46.3% 49.8% 53.9% 54.4% 50.3%
30.00 29.24 29.23 29.21 27.20
43.90 43.80 44.99 45.09 40.89
(22.5%) (22.4%) (24.4%) (24.6%) (16.8%)

ealised under the French usual procedure (all sectors) since 1998, including the
t 2008), Axel Springer / auFeminin (27 July 2007), Vinci / Entrepose
mber 2006), Bridgepoint Capital / Alain Afflelou (14 March 2006), Apax
Suren / Medidep (16 August 2005), Quicksilver / Rossignol (23 May 2005), Axa
mpoa / Marionnaud (14 January 2005), Credit Industriel et Commercial / IPO (26
AICA et Mondi / La Rochette (9 April 2002), Partouche / Européenne de
01), Financière Alexandre III / Fives-Lille (4 December 2000), Credit Agricole
ultimedia (18 September 2000), Société Industrielle du Hanau / De Dietrich (3
999), More Group Europe / Dauphin OTA (11 June 1999), Lagardère SCA /
99), Continentale d’Entreprises / Nord-Est (12 November 1998), Artemis /
Share Price Evolution

SeLoger.com
Date Open High Low Close Volume
1/18/2011 37.89 37.89 37.7 37.73 788500
1/17/2011 34.91 34.91 34.7 34.84 4100
1/14/2011 34.8 34.99 34.8 34.9 12100
1/13/2011 35.04 35.13 34.76 34.9 17200
1/12/2011 35 35.27 34.9 34.98 32100
1/11/2011 34.85 35.04 34.8 34.9 8200
1/10/2011 34.7 35 34.7 34.77 3600
1/7/2011 34.75 35 34.75 34.85 145400
1/6/2011 34.9 34.9 34.68 34.75 5900
1/5/2011 34.75 35.07 34.67 34.75 56300
1/4/2011 35.1 35.12 34.7 34.82 7400
1/3/2011 35.2 35.45 35.16 35.3 3200
12/31/2010 35.06 35.23 34.74 35.23 1500
12/30/2010 35.03 35.25 34.72 35.06 2500
12/29/2010 35.05 35.25 35.01 35.03 7400
12/28/2010 34.96 35.12 34.9 35.11 3500
12/27/2010 34.86 35.2 34.83 35.2 10200
12/24/2010 35.05 35.05 34.68 34.94 1500
12/23/2010 35.2 35.39 34.83 35.1 9200
12/22/2010 35.25 35.45 35.15 35.3 15300
12/21/2010 35.22 35.4 35.16 35.4 6500
12/20/2010 35.25 35.35 35.14 35.3 6400
12/17/2010 34.95 35.25 34.8 35.21 19500
12/16/2010 34.84 35 34.76 34.95 3600
12/15/2010 34.7 35.1 34.7 34.88 14100
12/14/2010 34.75 34.89 34.66 34.75 18600
12/13/2010 34.75 34.85 34.68 34.8 12200
12/10/2010 34.52 34.97 34.48 34.97 38600
12/9/2010 34.55 34.6 34.28 34.49 58400
12/8/2010 34.45 34.63 34.26 34.63 22100
12/7/2010 34.74 34.74 34.41 34.5 14400
12/6/2010 34.74 34.76 34.5 34.75 4100
12/3/2010 34.47 34.68 34.4 34.68 7800
12/2/2010 34.35 34.5 34.35 34.45 87300
12/1/2010 34.34 34.46 34.3 34.4 81300
11/29/2010 34.45 34.5 34.32 34.35 3800
11/26/2010 34.7 34.92 34.2 34.37 23000
11/25/2010 34.81 34.89 34.7 34.7 17700
11/24/2010 35.3 35.3 34.8 34.9 23200
11/23/2010 35.28 35.35 35.23 35.3 36200
11/22/2010 35.15 35.32 35.15 35.3 900
11/19/2010 35.21 35.3 35 35.26 9400
11/18/2010 35.39 35.39 35.09 35.21 6400
11/17/2010 34.85 35.39 34.85 35.2 64800
11/16/2010 35.11 35.44 35 35 11000
11/15/2010 35.38 35.38 35 35.38 2800
11/12/2010 35.11 35.29 34.86 35.28 8300
11/11/2010 35.12 35.41 35.12 35.3 7800
11/10/2010 35.45 35.51 34.65 35.2 44900
11/9/2010 35.71 35.71 35.45 35.55 3100
11/8/2010 35.5 35.6 35.5 35.6 29700
11/5/2010 35.75 35.75 35.4 35.5 11600
11/4/2010 35.75 35.75 35.51 35.6 2900
11/3/2010 35.65 35.8 35.57 35.6 82700
11/2/2010 35.98 36 35.68 35.7 11000
11/1/2010 36 36.12 35.95 35.99 15700
10/29/2010 35.9 36.16 35.7 36.1 13800
10/28/2010 35.6 35.93 35.6 35.8 13600
10/27/2010 36.45 36.45 35.49 35.65 71800
10/25/2010 35.8 36 35.5 35.65 9100
10/22/2010 36.4 36.46 35.77 35.85 21900
10/21/2010 36.9 36.9 36.22 36.5 13200
10/20/2010 36.45 36.9 36 36.9 14000
10/19/2010 36.3 36.69 36.3 36.3 4600
10/18/2010 37.27 37.31 36.01 36.35 17600
10/15/2010 37.65 37.65 37.2 37.27 38400
10/14/2010 37.65 37.65 37.06 37.51 11000
10/13/2010 37.56 37.99 37.3 37.75 19300
10/12/2010 37.66 37.7 37.5 37.59 3600
10/11/2010 37.35 37.65 37.35 37.6 13100
10/8/2010 37.49 37.65 36.98 37.42 65600
10/7/2010 37.15 37.67 37.15 37.6 5200
10/6/2010 36.84 37.49 36.84 37.4 14000
10/5/2010 36.81 37.15 36.29 37.15 39900
10/4/2010 37.55 37.55 35.94 37 46400
10/1/2010 37.69 37.74 37.36 37.55 36700
9/30/2010 37.75 37.89 37.24 37.5 20800
9/29/2010 36.42 37.75 36.42 37.75 92600
9/27/2010 37.8 37.8 37.52 37.53 13500
9/24/2010 37.62 37.8 37.62 37.67 21300
9/23/2010 37.75 37.9 37.6 37.6 38500
9/22/2010 37.6 37.75 37.48 37.75 32200
9/21/2010 37.65 37.89 37.5 37.5 60000
9/20/2010 37.99 37.99 37.65 37.75 48100
9/17/2010 38 38.1 37.9 37.9 47900
9/16/2010 37.81 39 37.67 37.77 131400
9/15/2010 37.62 38.14 37.62 38 193800
9/14/2010 37.7 37.8 37.03 37.62 232300
9/13/2010 39 39.49 37 37.95 624700
9/9/2010 29.5 30 28.98 30 19700
9/8/2010 29.65 29.65 28.64 29 10600
9/7/2010 30.09 30.09 29.3 29.3 2700
9/6/2010 29.71 30.1 29.7 30.09 7200
9/3/2010 29.98 30 29.6 29.9 4800
9/2/2010 29.5 29.9 29.35 29.9 4000
9/1/2010 29.15 29.4 29.07 29.4 2400
8/31/2010 29.4 29.4 28.9 29.15 3800
8/30/2010 28.85 29.51 28.8 29.32 6500
8/27/2010 29.3 29.48 28.82 28.85 3200
8/26/2010 28.99 29.6 28.68 29.3 5900
8/25/2010 28.5 29.68 28.5 28.65 3900
8/24/2010 28.6 29.18 28.5 28.5 4400
8/23/2010 28.01 29 28 28.6 6100
8/20/2010 28.1 28.5 27.47 27.9 11700
8/19/2010 28.86 28.98 28.2 28.2 4100
8/18/2010 29.1 29.25 28.85 28.85 1400
8/17/2010 29.25 29.25 28.98 29.1 400
8/16/2010 29.25 29.25 28.89 29 1800
8/13/2010 29.01 29.25 28.86 29.15 6900
8/12/2010 29.99 30 28.78 29 8400
8/11/2010 30.1 30.1 29.99 29.99 8900
8/10/2010 30.1 30.1 29.99 30.1 6600
8/9/2010 30.4 30.4 29.99 30.12 8200
8/6/2010 30.3 30.5 30.2 30.38 3800
8/5/2010 30.25 30.35 29.99 30 2200
8/4/2010 30.55 30.55 30.01 30.35 1900
8/3/2010 30.5 30.58 30.35 30.54 3100
8/2/2010 30.4 30.59 30.07 30.52 26400
7/30/2010 30.35 30.35 30.08 30.3 2600
7/29/2010 30.3 30.3 30.07 30.2 3700
7/28/2010 30.3 30.49 30.18 30.3 25200
7/27/2010 30.48 30.48 29.99 30.2 4600
7/26/2010 30.21 30.35 30.15 30.3 3900
7/23/2010 30.19 30.2 29.99 29.99 3900
7/22/2010 29.8 30.48 29.4 30.2 21400
7/21/2010 28.95 29.99 28.95 29.55 7700
7/20/2010 28.95 29.25 28.45 28.75 14700
7/19/2010 29.35 30.49 28.6 28.75 11500
7/16/2010 29.36 29.38 28.7 29 5700
7/15/2010 29.76 30.09 29.52 29.52 2700
7/14/2010 30.15 30.49 29.75 29.75 15100
7/13/2010 29.76 30.39 29.76 30.01 5600
7/12/2010 30 30.25 29.41 29.95 31200
7/9/2010 30 30 29.49 30 12100
7/8/2010 30.37 30.37 29.55 29.85 16400
7/7/2010 30 30.09 29 29.85 11400
7/6/2010 30 30.36 29.3 30 19900
7/5/2010 29.7 31 29.5 30 42800
7/2/2010 29 30.01 28.79 29.5 21500
7/1/2010 28.85 29.65 28 29 30000
6/30/2010 28.09 29.46 28.09 29.46 25900
6/29/2010 28.31 28.45 28.1 28.16 2400
6/28/2010 28.4 28.4 28 28.25 12700
6/25/2010 28.88 29.79 28.2 28.22 12200
6/24/2010 29 29 28 28.74 20100
6/23/2010 28.65 29 28.48 28.55 20800
6/22/2010 28.3 29.1 28.3 28.5 13600
6/21/2010 28.26 28.82 28.24 28.3 3700
6/18/2010 28.74 29.21 28.25 28.25 11700
6/17/2010 27.99 29.31 27.82 28.7 20600
6/16/2010 27.99 28.12 27.54 28 12600
6/15/2010 27.4 27.95 26.97 27.95 29400
6/14/2010 27.68 27.9 27.16 27.2 14100
6/11/2010 27.75 28 27.7 27.84 1400
6/10/2010 27.5 28.2 27.5 28 29600
6/9/2010 27.29 27.67 26.76 27.67 3900
6/8/2010 27.94 27.94 27.06 27.29 8300
6/7/2010 27.75 27.93 27.25 27.7 16500
6/4/2010 29.39 31.12 27.87 27.87 24000
6/3/2010 28 29.25 28 29.25 3500
6/2/2010 28.6 28.64 27.63 28 6400
6/1/2010 28.89 28.89 27.9 28.4 8100
5/31/2010 28.54 28.89 28.34 28.89 2800
5/28/2010 27.45 29.45 26.89 29 21500
5/27/2010 27.1 27.2 26.79 27 8000
5/26/2010 27.25 27.4 26.91 26.93 19000
5/25/2010 27.72 27.72 27.1 27.1 34500
5/24/2010 27.67 28.29 27.65 28 14300
5/21/2010 27.5 28.28 27.5 27.67 13900
5/20/2010 28.69 28.86 27.5 27.5 7300
5/19/2010 29 29.15 28.32 28.69 6600
5/18/2010 29.35 29.35 28.82 28.84 3900
5/17/2010 30 30 29.02 29.2 16900
5/14/2010 31.8 31.8 30.4 30.5 32600
5/13/2010 29.86 32.45 29.86 31.6 15100
5/12/2010 29.38 29.86 29.35 29.86 61400
5/11/2010 29.35 29.7 28.85 29.38 33400
5/10/2010 28.36 29.57 28.24 29.5 49200
5/7/2010 28.4 28.69 28 28 18600
5/6/2010 29.3 30.15 28.99 29.7 39400
5/5/2010 30.1 30.2 28 29.01 27000
5/4/2010 30.55 30.55 30.11 30.3 5500
5/3/2010 30.4 30.6 30.27 30.44 15400
4/30/2010 30.4 30.69 30.23 30.4 16500
4/29/2010 30.15 30.31 29.9 30.3 34700
4/28/2010 29.21 30.79 28.76 29.8 80800
4/27/2010 29.9 30.09 29.25 29.25 2500
4/26/2010 29.85 30.1 29.79 30.1 1000
4/23/2010 30 30.18 29.58 29.72 2200
4/22/2010 29.84 30.09 29.84 30 32000
4/21/2010 29.76 30.1 29.75 30 42000
4/20/2010 29.71 30 29.71 29.79 7500
4/19/2010 30.06 30.06 29.55 29.7 1800
4/16/2010 29.95 30.29 29.67 30.06 2000
4/15/2010 30.15 30.15 29.6 29.74 6600
4/14/2010 30.56 30.56 29.66 29.82 10500
4/13/2010 30.91 30.91 30.36 30.5 1700
4/12/2010 31.44 31.44 30.85 30.85 9000
4/9/2010 31.06 31.41 30.88 31.41 2300
4/8/2010 31 31.68 31 31 97300
4/7/2010 30.54 31.5 30.4 31.23 84700
4/6/2010 29.89 30.4 29.8 30.35 38400
4/1/2010 29.48 29.8 29.31 29.8 4600
3/31/2010 29.55 29.56 28.88 29.38 28600
3/30/2010 30.75 30.85 29.71 29.71 13000
3/29/2010 31.5 31.5 30.64 30.9 54000
3/26/2010 29.89 32 29.15 31.5 62100
3/25/2010 28.4 29.9 28.4 29.75 86000
3/24/2010 27.3 28.75 27.3 28.52 35600
3/23/2010 26 27.38 26 27 157000
3/22/2010 24.54 25.3 24.4 25.2 18200
3/19/2010 25.19 25.64 24.27 24.78 14500
3/18/2010 25.62 25.62 24.95 25.2 15000
3/17/2010 25.74 25.79 25.4 25.6 18900
3/16/2010 25.63 25.86 25.63 25.8 8500
3/15/2010 25.75 25.75 25.01 25.7 6100
3/12/2010 25.65 25.7 25.65 25.67 100
3/11/2010 25.7 25.7 25.51 25.65 1900
3/10/2010 25.8 25.86 25.52 25.85 5400
3/9/2010 25.35 25.81 25.35 25.8 3100
3/8/2010 25.4 25.5 25.3 25.36 4900
3/5/2010 25.2 25.4 25.02 25.4 14200
3/4/2010 25 25.22 24.55 25.2 25800
3/3/2010 25 25.13 24.9 25.09 5600
3/2/2010 25.25 25.39 24.8 25.1 7900
3/1/2010 25.75 25.8 25 25.4 11500
2/26/2010 25.3 25.67 25.3 25.64 1900
2/25/2010 25.5 25.51 25.05 25.25 4400
2/24/2010 25.35 25.6 25.25 25.6 10900
2/23/2010 25.23 25.35 25.16 25.25 8300
2/22/2010 25 25.35 25 25.25 7200
2/19/2010 25.01 25.14 24.9 25 16300
2/18/2010 25 25.33 24.86 25 9700
2/17/2010 24.02 24.85 24.02 24.74 14500
2/16/2010 24.06 24.14 23.99 24 1300
2/15/2010 23.55 24.29 23.55 24.03 9600
2/12/2010 22.91 23.65 22.85 23.4 25400
2/11/2010 23.3 23.38 23.05 23.05 12000
2/10/2010 23.15 23.5 22.9 23.5 17300
2/9/2010 23.4 23.72 23 23 22100
2/8/2010 23.97 24.32 22.65 23.55 13400
2/5/2010 24.3 24.36 23.26 24.06 16200
2/4/2010 24.55 24.95 23.96 24.41 5100
2/3/2010 24.39 24.74 24.25 24.74 2200
2/2/2010 24.5 24.83 23.94 24.38 15600
2/1/2010 25.45 25.7 24.47 24.47 7900
1/29/2010 25.9 26.01 25.11 25.14 11700
1/28/2010 24.95 26.22 24.75 25.79 30400
1/27/2010 24.92 24.95 24.71 24.9 4100
1/26/2010 24.85 24.94 24.6 24.85 12600
1/25/2010 24.43 24.84 24.3 24.84 6700
1/22/2010 25.15 25.15 24.4 24.44 19800
1/21/2010 24.39 25.3 24.37 24.9 22500
1/20/2010 24.16 24.44 24.01 24.4 17400
1/19/2010 25.09 25.45 24.33 24.33 41100
1/18/2010 26.19 26.19 25.08 25.08 17800
1/15/2010 25.3 26.2 25.3 26.2 12700
1/14/2010 24.4 25.5 24.4 25.36 13600
 1/13/2010 23.75 24.49 23.6 24.24 166000
1/12/2010 23.8 23.97 23.01 23.46 7400
1/11/2010 23 24.35 23 23.99 31900
1/8/2010 22.85 23 22.82 23 48200
1/7/2010 22.81 23 22.65 22.72 75100
1/6/2010 22.66 22.9 22.37 22.8 11600
1/5/2010 22.85 23.3 22.51 22.8 23100
1/4/2010 22.74 23.32 22.64 23.03 9100
12/31/2009 22.9 22.9 22.27 22.52 7200
12/30/2009 23.11 23.25 22.11 22.75 15500
12/29/2009 23.33 23.33 23.12 23.22 2500
12/28/2009 23.35 23.5 23.21 23.33 1300
12/24/2009 23.4 23.49 23.35 23.4 300
12/23/2009 23.41 23.62 23.41 23.52 1900
12/22/2009 23.53 23.85 23.48 23.48 7200
12/21/2009 23.75 24 23.57 23.57 2800
12/18/2009 24.25 24.35 23.84 23.87 7400
12/17/2009 24.01 24.15 23.85 23.9 7200
12/16/2009 24.25 24.37 24.01 24.03 1600
12/15/2009 24.75 25.01 24.35 24.35 4300
12/14/2009 24.75 25 24.7 24.82 1700
12/11/2009 24 25.32 24 24.9 15200
12/10/2009 24 24.09 23.92 24.09 7900
12/9/2009 24.25 24.25 23.75 24 14900
12/8/2009 23.55 24.33 23.55 24.33 36900
12/7/2009 23.55 24 23.43 23.65 7800
12/4/2009 24.19 24.5 22.86 24.5 37900
12/3/2009 25.01 25.18 23.37 23.5 41200
12/2/2009 25.01 25.13 24.75 24.91 6900
12/1/2009 25.27 25.6 24.75 25 13600
11/30/2009 26.28 26.28 24.91 25.12 8300
11/27/2009 25.87 26.19 25.42 26.19 2300
11/26/2009 26.01 26.08 25.75 25.75 1600
11/25/2009 26.29 26.29 25.93 26 600
11/24/2009 25.61 26.15 25.4 26.15 3100
11/23/2009 25.56 25.73 25.5 25.6 2600
11/20/2009 26.15 26.15 25.55 25.55 1500
11/19/2009 26.35 26.5 25.85 26 16300
11/18/2009 26.37 26.75 26.35 26.5 1000
11/17/2009 26.36 26.75 26.3 26.3 1300
11/16/2009 25.8 26.35 25.5 26.35 4400
11/13/2009 25.99 26.14 25.62 25.8 4300
11/12/2009 25.34 25.87 25.28 25.7 3700
11/11/2009 25.03 25.75 25.03 25.11 26000
11/10/2009 25.29 25.35 25 25.17 4900
11/9/2009 25.35 25.35 24.68 25.2 4100
11/6/2009 24.2 25.75 24.05 25.18 7000
11/5/2009 24.74 25.15 24.22 24.22 6700
11/4/2009 23.51 25.15 23.51 24.68 6300
11/3/2009 23.75 24 21.8 23.5 25700
11/2/2009 23.65 23.95 23.5 23.5 14700
10/30/2009 24.5 24.5 23.61 23.84 8200
10/29/2009 24.48 24.87 23.92 24.55 7900
10/28/2009 24.4 24.93 24.25 24.93 14700
10/27/2009 25.1 25.26 24.19 24.5 37400
10/26/2009 25.65 26 25.07 25.2 4900
10/22/2009 25.71 25.88 24.75 25.5 30900
10/21/2009 26.2 26.2 25.65 25.89 11600
10/20/2009 26.16 26.47 26.09 26.2 8000
10/19/2009 26.85 26.85 26 26.17 51700
10/16/2009 27.14 27.14 26.6 26.6 3300
10/15/2009 27.3 27.35 26.7 27 18900
10/14/2009 27.03 27.4 26.91 27.35 4900
10/13/2009 27.16 27.71 26.9 27.19 6700
10/12/2009 27.45 27.48 26.86 27.15 19500
10/9/2009 26.92 27.4 26.9 27.4 7600
10/8/2009 27.5 27.5 27.23 27.42 5200
10/7/2009 26.94 27.89 26.8 27.2 5800
10/6/2009 27.09 27.09 26.68 26.94 29000
10/5/2009 27 27 26.75 26.75 69500
10/2/2009 27.47 27.47 26.65 26.97 15500
10/1/2009 27.6 27.6 27 27.1 14800
9/30/2009 27.13 27.4 27.13 27.4 8600
9/29/2009 27.5 27.61 27.1 27.39 10200
9/28/2009 27.5 27.7 27.11 27.5 25700
9/25/2009 27.85 28 27.5 27.5 18600
9/24/2009 27.95 28.35 27.35 28 7300
9/23/2009 26.8 27.95 26.8 27.95 39400
9/22/2009 26.85 27.8 26.85 27.02 20700
9/21/2009 26.5 26.8 26.45 26.65 1600
9/18/2009 26.5 26.51 25.9 26.37 25600
9/17/2009 26.25 26.9 26 26.25 48600
9/16/2009 25.01 26.89 25.01 26 104500
9/15/2009 24.35 24.94 24.34 24.87 6700
9/14/2009 24.35 24.54 24.15 24.2 1000
9/11/2009 23.85 24.7 23.55 24.26 35600
9/10/2009 23.7 24.14 23.33 23.75 23500
9/9/2009 23.65 23.9 23.36 23.6 10400
 9/8/2009 23.7 23.99 23.4 23.5 9300
9/7/2009 23.95 24.7 23.63 23.8 10800
9/4/2009 23.51 23.8 23.04 23.8 12400
9/3/2009 23.6 23.66 23.3 23.51 5700
9/2/2009 24.4 24.4 23.45 23.7 49100
9/1/2009 25.2 25.49 24.31 24.4 5900
8/31/2009 25.8 25.8 25 25.5 2400
8/28/2009 24.6 25.5 24.1 25.5 5100
8/27/2009 25.3 25.3 23.8 24.16 10400
8/26/2009 25.99 25.99 25.2 25.3 9900
8/25/2009 25.9 26.4 25.75 26 10600
8/24/2009 24.9 25.9 24.2 25.9 67400
8/21/2009 22.3 24.8 22.3 24.8 23000
8/20/2009 22.5 23.07 22.01 22.5 11700
8/19/2009 22.4 22.52 21.93 22.01 3400
8/18/2009 23.36 24.92 22.35 22.35 16900
8/17/2009 24.49 24.49 23.37 23.37 1100
8/14/2009 22.49 24.5 22.45 24.5 3000
8/13/2009 22.4 22.57 22.31 22.49 11700
8/12/2009 22.35 22.49 22.35 22.4 200
8/11/2009 22.3 22.5 22.3 22.5 3400
8/10/2009 22.45 22.5 22.16 22.3 25000
8/7/2009 22 22.32 21.86 22.26 1800
8/6/2009 22.44 22.51 22.3 22.5 3200
8/5/2009 22.49 22.8 22.35 22.45 8500
8/4/2009 21.86 22.5 21.86 22.5 3900
8/3/2009 23.24 23.24 22.01 22.2 9200
7/31/2009 22.7 22.7 22.17 22.5 3800
7/30/2009 23.25 23.25 22.64 22.85 1700
7/29/2009 23 23.22 22.79 23.19 800
7/28/2009 23.5 23.5 22.56 23 9400
7/27/2009 23.31 24.85 22.95 23.48 8100
7/24/2009 21.5 23.3 21.47 23.3 36200
7/23/2009 22.75 23.33 21.7 23.33 11100
7/22/2009 21.9 22.65 21.9 22.65 1700
7/21/2009 21.69 21.9 21.69 21.9 900
7/20/2009 21.65 21.7 21.59 21.7 1000
7/17/2009 21.5 21.6 21.3 21.5 81600
7/16/2009 20.4 21.7 20.4 21.5 77400
7/15/2009 20.1 20.84 20.05 20.3 39400
7/14/2009 20 20.17 20 20.1 3700
7/13/2009 19.99 20.18 19.8 20 31400
7/10/2009 20.05 20.05 19.29 19.99 6500
7/9/2009 19.65 20.09 19.65 19.8 1100
 7/8/2009 20.44 20.44 19.65 19.65 7200
7/7/2009 20.35 20.45 20.1 20.44 1100
7/6/2009 20.07 20.35 20.05 20.35 1000
7/3/2009 20.55 20.56 20.06 20.06 2300
7/2/2009 21.45 22.7 20.86 21.29 4100
7/1/2009 19.51 21.65 19.51 21.45 18700
6/30/2009 19.65 20.29 19.65 20 3000
6/29/2009 20 20.12 19.8 20 1000
6/26/2009 19.45 20.42 19.45 20 68200
6/25/2009 19.5 19.82 19.48 19.59 7100
6/24/2009 19.45 19.55 19 19.55 10200
6/23/2009 19.8 19.8 18.75 19.45 8700
6/22/2009 19.9 20.25 19.75 19.98 17900
6/19/2009 20.25 20.25 19.74 20 19100
6/18/2009 20.45 20.5 19 20 13200
6/17/2009 21 21 20.16 20.35 5300
6/16/2009 21 21.2 20.9 21.1 31200
6/15/2009 21.2 21.2 21 21.2 42200
6/12/2009 21 21.24 20.65 21 26200
6/11/2009 21.25 21.25 20.3 21 12600
6/10/2009 21.01 21.15 20.65 21.09 23900
6/9/2009 21.05 21.14 20.67 21 13900
6/8/2009 21.66 21.66 20.75 21.06 47300
6/5/2009 21.56 21.82 21.56 21.66 9500
6/4/2009 22.5 22.5 20.15 21.5 18000
6/3/2009 21.5 23.99 21.5 23 47800
6/2/2009 19.95 21.5 19.93 21.42 5700
6/1/2009 19.45 19.9 19.16 19.9 10100
5/29/2009 19.45 19.59 19.3 19.3 11000
5/28/2009 19.19 19.67 19.1 19.3 17700
5/27/2009 19.2 19.27 19.1 19.2 300
5/26/2009 19.17 19.25 19.07 19.2 1200
5/25/2009 19.55 19.55 19.17 19.17 100
5/22/2009 19.98 20 19 19.3 24500
5/21/2009 19.99 20 19.14 20 4800
5/20/2009 19.5 20 19.5 20 12900
5/19/2009 19.5 19.76 19.5 19.55 20800
5/18/2009 19.51 19.52 18.9 19.45 5600
5/15/2009 19.1 19.52 19.1 19.4 15300
5/14/2009 19 19.26 18.85 19.2 17600
5/13/2009 19.75 19.76 19.15 19.15 2500
5/12/2009 19.9 19.9 19.71 19.87 9700
5/11/2009 20.1 20.17 19.5 19.79 14300
5/8/2009 20.2 20.2 19.85 19.99 18100
 5/7/2009 19.7 20.24 19.7 20.24 44900
5/6/2009 19.47 20.6 19.29 19.61 112900
5/5/2009 19.13 19.3 19.02 19.18 57800
5/4/2009 19 19.34 19 19.13 80400
4/30/2009 18.4 19.25 18.4 19.14 25600
4/29/2009 18.45 18.51 18.2 18.4 30300
4/28/2009 18.84 18.85 18.35 18.4 8800
4/27/2009 18.85 18.85 18.22 18.55 19500
4/24/2009 18 18.7 18 18.7 38000
4/23/2009 18.01 18.61 18 18.55 21600
4/22/2009 16.75 18 16.75 18 26900
4/21/2009 16.5 16.52 16.5 16.5 2100
4/20/2009 16.6 16.65 16.45 16.65 3000
4/17/2009 16.55 16.75 16.45 16.7 28100
4/16/2009 16.89 17 16.35 16.68 17600
4/15/2009 16.5 17 16.5 17 6500
4/14/2009 16.5 16.65 16.34 16.5 3500
4/9/2009 16.4 16.7 16.24 16.5 16200
4/8/2009 15.65 16.2 15.65 16.2 19300
4/7/2009 15.2 15.95 15.2 15.75 4300
4/6/2009 15.24 15.5 15.15 15.15 3900
4/3/2009 15.1 15.45 15.07 15.3 55500
4/2/2009 14.9 15.2 14.9 15.07 46300
4/1/2009 15 15 14.62 14.85 7800
3/31/2009 14.8 15.1 14.61 14.61 19400
3/30/2009 15.05 15.5 14.7 14.7 2400
3/27/2009 14.66 15 14.65 14.91 23000
3/26/2009 14.6 15.5 14.31 14.65 42200
3/25/2009 12.46 15 12.46 14.65 93100
3/24/2009 12.35 12.65 12.01 12.3 1000
3/23/2009 12.5 12.5 12.3 12.41 17200
3/20/2009 12.25 12.5 12.2 12.45 6800
3/19/2009 12.4 12.5 12 12 23600
3/18/2009 12.3 12.3 12.15 12.3 27000
3/17/2009 12.15 12.3 12.15 12.3 16600
3/16/2009 12.4 12.4 12.2 12.24 15400
3/13/2009 12.58 12.58 12 12.35 16500
3/12/2009 12.2 12.58 12 12 300
3/11/2009 11.95 12 11.95 12 0
3/10/2009 11.9 12.2 11.9 11.9 200
3/9/2009 12.1 12.7 11.9 12 800
3/6/2009 12.99 13 12.15 12.15 3400
3/5/2009 12.9 13 12.62 13 500
3/4/2009 12.4 12.9 12.38 12.81 1300
 3/3/2009 12 12.32 12 12.3 1000
3/2/2009 12.6 12.6 11.86 12 21200
2/27/2009 12.2 13.05 11.8 13.05 3900
2/26/2009 12 13.33 11.35 12 9800
2/25/2009 11.75 12.3 11.51 12.3 3600
2/24/2009 11.6 11.8 11.6 11.65 1700
2/23/2009 11.65 11.9 11.65 11.65 10300
2/20/2009 11.8 11.95 11.8 11.85 10400
2/19/2009 12.14 12.14 11.99 12 200
2/18/2009 12 12.3 11.6 11.9 7300
2/17/2009 12.1 12.49 11.85 12 400
2/16/2009 13.12 13.35 11.85 12.1 2400
2/13/2009 12.24 13.14 12.1 13.14 1500
2/12/2009 12.25 12.25 12.24 12.24 100
2/11/2009 12.28 12.28 11.86 12.2 300
2/10/2009 13.25 13.35 12.09 12.28 8000
2/9/2009 13.2 13.35 13.2 13.35 1000
2/6/2009 13.2 13.65 13.2 13.2 1000
2/5/2009 13.49 13.49 13.3 13.3 0
2/4/2009 13.5 13.75 13.44 13.49 700
2/3/2009 13.75 13.79 13.37 13.65 3900
2/2/2009 13.5 14.14 13.15 13.8 3200
1/30/2009 13.15 13.49 12.82 13.49 2100
1/29/2009 13 13.4 12.96 13 4200
1/28/2009 12.85 13.02 12.65 13.01 2900
1/27/2009 12.7 13.01 12.6 12.77 600
1/26/2009 12.3 12.74 12 12.74 700
1/23/2009 12.06 12.1 12.05 12.1 200
1/22/2009 12.45 12.45 12.05 12.06 18900
1/21/2009 12.3 12.3 12.05 12.06 1300
1/20/2009 13 13 12.05 12.3 5300
1/19/2009 12.8 13 12.75 13 300
1/16/2009 12.75 13 12.35 12.7 20100
1/15/2009 12.65 12.95 12.6 12.6 1400
1/14/2009 13.75 13.75 12.6 12.6 38200
1/13/2009 13.74 13.85 13.64 13.8 23100
1/12/2009 13.45 13.9 13.45 13.74 13400
1/9/2009 12.95 14 12.95 13.76 16900
1/8/2009 12 13.75 12 12.8 2200
1/7/2009 11.8 12.24 11.8 12.24 2700
1/6/2009 10.99 11.8 10.85 11.8 700
1/5/2009 10.65 11 10.65 11 300
1/2/2009 10.65 10.65 10.5 10.5 4600
12/31/2008 10.35 10.5 10.35 10.5 2200
12/30/2008 10.3 10.45 10.25 10.45 2300
12/29/2008 10.65 10.65 10.3 10.3 200
12/24/2008 10.45 10.45 10.45 10.45 0
12/23/2008 10.5 10.5 10.15 10.31 1700
12/22/2008 10.5 10.62 10.1 10.62 1100
12/19/2008 10.5 10.5 10.41 10.44 16500
12/18/2008 10.75 10.75 10.55 10.55 200
12/17/2008 10.9 10.9 10.5 10.6 5400
12/16/2008 11.23 11.23 10.9 10.9 2700
12/15/2008 11 11.3 10.9 11 12200
12/12/2008 10.85 11.13 10.85 11 400
12/11/2008 11.35 11.35 10.61 11 14300
12/10/2008 11 11 10.92 11 1900
12/9/2008 11 11.15 10.9 11 165600
12/8/2008 11.35 11.69 11 11 27000
12/5/2008 11.57 11.58 10.95 11.04 24000
12/4/2008 11.69 11.73 10.9 11 3900
12/3/2008 11.6 11.79 11.49 11.69 5100
12/2/2008 11.35 11.6 11.35 11.53 2800
12/1/2008 11 11.6 11 11.6 1700
11/28/2008 11.3 11.45 11 11 2400
11/27/2008 11.35 11.5 11.3 11.3 3200
11/26/2008 11 11.4 11 11.25 4700
11/25/2008 11.1 11.3 11 11 6600
11/24/2008 11.65 12.32 11.15 11.15 2800
11/21/2008 11.9 11.9 11.5 11.59 5400
11/20/2008 11.5 12 11.37 11.5 3500
11/19/2008 12.1 12.39 11.76 11.9 11500
11/18/2008 12.46 12.46 11.04 11.85 12200
11/17/2008 12.75 12.75 12.45 12.45 1800
11/14/2008 12.12 12.99 12.12 12.66 1900
11/13/2008 12.29 12.4 12.1 12.12 500
11/12/2008 12 12.55 12 12.29 1300
11/11/2008 13.71 13.71 11.78 11.78 8300
11/10/2008 14.1 14.25 13.25 13.71 2000
11/7/2008 14.25 14.25 14.12 14.13 600
11/6/2008 14.5 14.6 14.29 14.29 200
11/5/2008 14.65 14.9 14.65 14.65 3200
11/4/2008 14.64 14.75 13.95 14.65 3400
11/3/2008 14.5 14.78 14.1 14.65 3500
10/31/2008 14.15 14.7 13.75 14.7 53100
10/30/2008 13.5 14.27 13.5 14.27 1600
10/29/2008 12.2 13.3 12.2 13.3 2100
10/28/2008 13.65 14.34 12 12.13 52700
10/27/2008 14.05 14.05 13.4 13.4 1500
10/24/2008 14.1 14.1 13.4 14 15200
10/23/2008 14.5 14.56 14.14 14.2 9400
10/22/2008 13.7 14.5 13.7 14.3 1900
10/21/2008 13.45 13.8 13.42 13.56 3300
10/20/2008 13.45 13.65 13.3 13.3 15300
10/17/2008 13.45 13.8 13.36 13.45 2500
10/16/2008 13.2 13.45 13.05 13.28 21500
10/15/2008 13.5 13.5 13.15 13.3 46300
10/14/2008 13.4 13.74 13.28 13.41 7200
10/13/2008 13.35 13.65 13.35 13.58 3500
10/10/2008 13.2 13.5 13.2 13.43 8000
10/9/2008 12.69 13.53 12.69 13.45 165700
10/8/2008 13.2 13.95 11.52 12.68 13400
10/7/2008 13.7 13.7 12.5 13.4 24100
10/6/2008 13.95 13.95 13.3 13.54 23500
10/3/2008 13.95 13.95 13.4 13.5 8900
10/2/2008 13.72 13.72 12.73 13.5 14800
10/1/2008 13.15 13.36 12.9 13.06 27100
9/30/2008 11.25 13.2 11.25 12.9 18600
9/29/2008 13.4 13.75 12.5 12.9 144800
9/26/2008 13.96 13.96 13.15 13.57 13200
9/25/2008 13.61 14.25 13.5 13.96 179700
9/24/2008 14.55 14.55 13.21 13.61 9000
9/23/2008 15 15.18 14.23 14.35 3200
9/22/2008 14 16 13.98 15 29100
9/19/2008 14.69 14.94 13.9 14 17400
9/18/2008 14.6 14.97 13.84 14.21 65400
9/17/2008 15.98 16.28 14.5 14.6 26700
9/16/2008 16.3 17.03 15.5 15.98 64500
9/15/2008 17 17 15.33 16.56 11000
9/12/2008 17.75 17.75 16.97 17 4600
9/11/2008 18.05 18.05 16.33 16.96 33700
9/10/2008 19 19 17.6 18.05 92800
9/9/2008 18.65 19.35 18.65 19 31100
9/8/2008 18.5 19 18.49 18.92 10800
9/5/2008 18.49 18.49 17.82 17.95 7800
9/4/2008 17.51 18.85 17.51 18.3 18900
9/3/2008 17.9 17.9 17.06 17.51 49200
9/2/2008 17.6 17.88 17.5 17.77 72300
9/1/2008 18 18 17.5 17.9 35300
8/29/2008 17.77 17.79 17.42 17.57 9100
8/28/2008 16.95 17.9 16.95 17.77 25500
8/27/2008 17.25 17.25 16.57 17.1 4100
8/26/2008 16.81 17.35 16.81 17.2 2800
8/25/2008 16.87 17.19 16.81 17.1 2600
8/22/2008 16.8 17.3 16.76 17.3 1500
8/21/2008 16.75 16.75 16.13 16.54 2400
8/20/2008 17 17 16.88 16.88 1300
8/19/2008 16.79 16.93 16.35 16.93 3500
8/18/2008 17.15 17.2 16.26 16.7 4300
8/15/2008 17.15 17.15 16.7 17 4100
8/14/2008 17 17.16 16.7 16.86 5800
8/13/2008 17.45 17.45 17.26 17.34 5700
8/12/2008 17.5 17.5 17.01 17.39 15300
8/11/2008 17.45 17.54 17.19 17.4 7100
8/8/2008 17.9 17.9 17.33 17.5 7400
8/7/2008 17.51 18.19 17.51 17.9 14600
8/6/2008 17.5 18.37 17.36 18.17 44500
8/5/2008 16.26 17.97 16.22 17.5 65300
8/4/2008 16.1 16.11 15.84 15.96 18900
8/1/2008 15.61 16.1 15.61 15.9 29800
7/31/2008 16.2 16.3 14.6 15.52 38300
7/30/2008 15.39 16 15.14 15.8 18300
7/29/2008 15.33 15.75 14.74 15 38100
7/28/2008 15.74 15.74 14.92 15.64 18300
7/25/2008 15.5 15.77 14.9 15.77 40200
7/24/2008 14 16.19 13.99 16 92300
7/23/2008 12.88 14.59 12.68 14 128600
7/22/2008 13.76 13.76 12.57 12.86 10300
7/21/2008 13.22 14.43 13.22 13.7 33400
7/18/2008 13.5 13.5 12.21 13.49 57300
7/17/2008 11.66 14.65 11.66 13.5 198500
7/16/2008 11.5 12 11 11.31 51900
7/15/2008 12 12.15 11.51 11.52 39100
7/14/2008 12.46 12.9 12 12.1 18100
7/11/2008 12.8 13.8 12.22 12.65 62000
7/10/2008 12.65 13.45 12.02 12.83 55800
7/9/2008 13.07 15 12.46 12.73 54200
7/8/2008 13.25 14.8 11.2 13.48 207400
7/7/2008 13.2 14.19 12.6 13.82 79900
7/4/2008 14.24 14.3 12.53 13.74 763500
7/3/2008 14.25 15.75 13.81 15 114100
7/2/2008 14.53 14.84 14.2 14.31 55600
7/1/2008 14.71 15.29 14.44 15 257300
6/30/2008 14.68 15.27 14.5 14.75 35700
6/27/2008 15.88 15.88 14.64 15.16 100800
6/26/2008 17.33 17.33 16.03 16.12 21600
6/25/2008 17.51 18 17.51 17.54 18700
6/24/2008 18.57 18.63 17.69 18 33400
6/23/2008 18.6 18.82 18.37 18.63 95100
6/20/2008 19.26 19.32 18.02 18.6 69800
6/19/2008 20 20 19.34 19.5 14600
6/18/2008 20.88 21.14 20.03 20.22 27000
6/17/2008 20.16 21.3 20.16 20.75 49800
6/16/2008 20.2 21.5 20.07 20.07 4500
6/13/2008 20 20.35 19.56 20.25 14800
6/12/2008 18.5 20.46 18.5 20.06 19100
6/11/2008 20.4 22.13 19.88 20.51 157000
6/10/2008 21.7 21.7 20 20.41 67500
6/6/2008 22.34 22.56 21.86 22.03 15800
6/5/2008 22.79 22.79 22.21 22.36 89400
6/4/2008 23.5 23.65 22.27 22.64 25100
6/3/2008 24.1 24.11 22.24 23.3 48600
6/2/2008 26.32 26.34 25.2 25.22 4500
5/30/2008 26.3 26.38 25.8 26.3 5800
5/29/2008 26.41 26.5 26.11 26.32 54600
5/28/2008 26.45 26.72 26.43 26.45 5500
5/27/2008 26.83 26.9 26.16 26.5 37200
5/26/2008 27.75 27.81 27.75 27.8 200
5/23/2008 27.8 27.91 27.23 27.8 27500
5/22/2008 28.45 28.46 27.57 27.8 15700
5/21/2008 29 29 27.8 28.48 15600
5/20/2008 29 29 28.5 28.85 5100
5/19/2008 29.01 29.1 28.81 29 30800
5/16/2008 29.5 29.5 28.91 28.92 29800
5/15/2008 29.54 30 29 29.91 39800
5/14/2008 29.3 29.81 29.3 29.53 8500
5/13/2008 28.92 29.72 28.4 29.45 24800
5/12/2008 29.55 29.55 28.59 29.01 82100
5/9/2008 29.96 29.96 29.2 29.41 12600
5/8/2008 29.79 30.5 29.75 30 50400
5/7/2008 30.5 30.5 30.24 30.3 7400
5/6/2008 30.2 30.5 30.06 30.5 11000
5/5/2008 30.14 30.45 29.8 30.07 3300
5/2/2008 30.33 30.52 30.16 30.47 28300
4/30/2008 29 30.33 29 30 104500
4/29/2008 28.5 28.8 28.49 28.79 19500
4/28/2008 29 29 28.46 28.62 10900
4/25/2008 29 29.35 28.77 28.77 11600
4/24/2008 28.65 29.22 28.56 28.87 8000
4/23/2008 28.66 28.73 28.46 28.65 26400
4/22/2008 28.94 29 27.7 28.25 20800
4/21/2008 29.8 30 28.45 29 19800
4/18/2008 31 31 29.59 29.8 20900
4/17/2008 30.9 31.05 30.51 30.74 6200
4/16/2008 30.8 32 30.8 30.81 4800
4/15/2008 30.8 31 28.83 31 43300
4/14/2008 32 32 30.9 31 6500
4/11/2008 32.29 32.29 31.78 32 12900
4/10/2008 32.32 32.32 31.38 32.1 6800
4/9/2008 32.31 32.85 31.81 32.4 33400
4/8/2008 32.98 33.5 32.49 32.49 29000
4/7/2008 33.5 33.5 32.67 33.16 12200
4/4/2008 32.75 33.5 32.75 33.5 14200
4/3/2008 32.8 33.3 32.52 32.89 39700
4/2/2008 33.5 33.5 32.5 32.95 77100
4/1/2008 34.2 34.49 31.5 33.5 101300
3/31/2008 33.47 33.91 33.3 33.5 11400
3/28/2008 32.15 33.43 32 33.2 38500
3/27/2008 31.93 32.25 31.86 32.05 9500
3/26/2008 32.3 32.54 32.15 32.19 4700
3/25/2008 32 33.61 30.4 32.43 89200
3/20/2008 31.16 32.45 31 31.83 19900
3/19/2008 31.15 32.04 31.1 31.5 12700
3/18/2008 30.7 31.25 29.9 31.25 57000
3/14/2008 32.35 32.75 31.65 32.14 17600
3/13/2008 32.7 32.7 30.25 32.18 42900
3/12/2008 32.5 33 32 33 55400
3/11/2008 31.2 32.14 31.12 32 32300
3/10/2008 31.5 31.5 30.7 31.31 17100
3/7/2008 32.3 32.3 30.52 31.28 4300
3/6/2008 32.17 32.3 31 32.08 23500
3/5/2008 34.49 34.49 32.02 32.39 50900
3/4/2008 34.27 34.64 34.27 34.52 2600
3/3/2008 34.7 34.81 34.2 34.3 2900
2/29/2008 36.13 36.58 34.62 35.35 17200
2/28/2008 36.84 36.84 36 36.13 2000
2/27/2008 36.4 36.84 36.4 36.69 4800
2/26/2008 35 36.4 35 36.2 5000
2/25/2008 34.8 35.17 34.4 35.17 3400
2/22/2008 34.86 34.99 34.3 34.65 4800
2/21/2008 34.8 35 34.5 34.84 160600
2/20/2008 35.3 35.4 34.68 34.68 24700
2/19/2008 34.89 35.19 34.35 35 7200
2/18/2008 34.6 35 34.37 34.92 36600
 2/15/2008 34 34.59 33.87 34.57 12000
2/14/2008 32.75 34.56 32.75 33.8 17800
2/13/2008 33 33 31.56 33 64100
2/12/2008 32.13 34.27 31.82 33 42200
2/11/2008 33.3 33.3 32 32.3 23600
2/8/2008 33 33.99 32.76 33 15900
2/7/2008 32.51 33.3 32.51 33 26700
2/6/2008 33.8 33.8 32.53 33.12 29000
2/5/2008 34.84 35.95 33.57 34.48 29200
2/4/2008 34.85 35.25 33.96 34.8 20900
2/1/2008 35.1 35.51 33.52 35 53800
1/31/2008 32.84 34.5 31.89 34 63100
1/30/2008 32.74 32.95 31 32.35 21400
1/29/2008 32 32.9 31.58 32.1 11300
1/28/2008 32 32.64 31.01 32.22 15700
1/25/2008 32.43 33.5 31.98 32.4 29400
1/24/2008 32 32 30.87 31.79 146900
1/23/2008 34.8 35.05 29.2 31 110600
1/22/2008 30.9 34.7 30.31 32 91400
1/21/2008 33.4 34 30.06 31.74 40300
1/18/2008 33.8 34.19 32.75 33.65 49800
1/17/2008 33.82 34.06 33.5 33.9 10600
1/16/2008 35.2 35.24 32.9 33.82 32200
1/15/2008 37.11 37.11 34.47 35.4 46400
1/14/2008 38.3 38.3 36.82 37 18200
1/11/2008 38.67 38.99 37.52 38.11 16400
1/10/2008 39.07 40.11 38.5 38.67 133200
1/9/2008 40.2 40.2 37.36 38.5 174300
1/8/2008 40.5 40.5 39.5 40 143500
1/7/2008 40.3 40.32 39.58 40 93300
1/4/2008 40.3 40.3 39.55 40 61300
1/3/2008 40.99 40.99 39.3 39.72 25100
1/2/2008 40.3 41 40.3 40.85 4100
12/31/2007 40 40.2 40 40.2 500
12/28/2007 40 40.29 40 40 2300
12/27/2007 39.5 40.29 39.5 40 12100
12/24/2007 39.7 40.51 39.5 39.5 4900
12/21/2007 39.6 40.75 39.6 40 52900
12/20/2007 38.65 39.82 38.4 39.82 34400
12/19/2007 38.1 38.85 38.1 38.6 36300
12/18/2007 38 39 38 38.26 38600
12/17/2007 40 40 37.01 38 83700
12/14/2007 40.75 40.75 39.72 39.95 37200
12/13/2007 40.55 40.75 39.97 40.38 30100
12/12/2007 40.45 40.8 40 40.8 21700
12/11/2007 40.5 40.7 38.75 40.45 46200
12/10/2007 42 42 40.31 40.41 36600
12/7/2007 42.22 42.22 39.24 41.9 115000
12/6/2007 42.1 42.71 41.5 42.02 14800
12/5/2007 41.5 42.06 41.03 42.06 30000
12/4/2007 42 42 40.7 41.5 31600
12/3/2007 41.7 42.15 41 41.7 19200
11/30/2007 39.54 41.7 39.53 41.2 33000
11/29/2007 41 41 37.95 39.15 28100
11/28/2007 39.3 39.3 38.3 38.92 35400
11/27/2007 39.7 39.75 38.81 39 13300
11/26/2007 39.56 40.3 39.5 39.7 11600
11/23/2007 39 39.34 38.5 39 41800
11/22/2007 40.9 40.9 37.33 39 83100
11/21/2007 42.25 42.25 40 40.94 27800
11/20/2007 41.88 42.84 41.88 42.25 32800
11/19/2007 42.39 42.49 41.4 41.85 13800
11/16/2007 41.39 42.17 41.38 42 25000
11/15/2007 41 41.16 40.32 40.98 30200
11/14/2007 41.3 41.65 40.6 41 90000
11/13/2007 41.95 42.14 40 41.25 136400
11/12/2007 42.2 42.42 40.5 41.62 25000
11/9/2007 43 43 41.01 42.2 31100
11/8/2007 44.2 44.33 42 43.03 26500
11/7/2007 45.29 45.4 44.02 44.48 12400
11/6/2007 45.3 45.6 44.3 45 24700
11/5/2007 46.5 46.5 44.12 45.36 36100
11/2/2007 47.2 48.99 45.6 46.57 31800
11/1/2007 46.09 48.93 45.76 46.5 20400
10/31/2007 45.01 46.19 45.01 46.19 8800
10/30/2007 45.55 45.9 44.98 45.01 8800
10/29/2007 46 46 45 45.5 45000
10/26/2007 45.12 46.37 43.07 46.37 125800
10/25/2007 43.81 45.73 43.81 45.13 50100
10/24/2007 43.7 43.79 43.31 43.79 11600
10/23/2007 43.5 43.5 42.81 43.48 25000
10/22/2007 42.93 43.5 41.7 43.5 54100
10/19/2007 42.8 43.9 42.8 43.5 58600
10/18/2007 42.78 43.29 42.1 42.44 15500
10/17/2007 41 42.7 40.55 42.66 36200
10/16/2007 42 42.2 40.7 41.12 16900
10/15/2007 42.2 42.59 42 42.2 12900
10/12/2007 42.9 43.02 42.01 42.6 59100
10/11/2007 43 43 42.01 42.75 19300
10/10/2007 42.94 43.03 42.04 42.78 45800
10/9/2007 43.25 43.25 40.5 42.7 20200
10/8/2007 43.4 43.5 43.15 43.2 44300
10/5/2007 43.2 43.5 43.18 43.4 42400
10/4/2007 43.3 43.4 43.2 43.23 25300
10/3/2007 43.5 43.69 43.01 43.15 40200
10/2/2007 43 44.01 41.97 43 62600
10/1/2007 40.25 42.79 40.25 41.8 101200
9/28/2007 38.9 41.02 38.84 40.1 187500
9/27/2007 38.9 38.9 38.34 38.34 24600
9/26/2007 36.7 37.9 36.68 37.9 54400
9/25/2007 38.95 39 36.63 36.69 84000
9/24/2007 37.5 37.5 35.26 35.8 14500
9/21/2007 36.6 37.94 36.6 37.3 16300
9/20/2007 36 36.59 35.85 36.1 15000
9/19/2007 34.2 36.3 34.2 35.78 34400
9/18/2007 33.3 34.82 32.75 34.65 15100
9/17/2007 33.6 33.6 32.8 33.14 12100
9/14/2007 33.65 34 33.4 33.4 56000
9/13/2007 34.19 34.3 33.45 33.73 13300
9/12/2007 34.55 34.61 33.2 34.19 16100
9/11/2007 34.5 34.55 34.1 34.55 6200
9/10/2007 34.99 35 33.72 34.5 14600
9/7/2007 35.9 35.9 33.2 35.19 13700
9/6/2007 36.3 36.3 35.55 35.9 7400
9/5/2007 36.5 36.5 35.98 35.98 24600
9/4/2007 37.52 37.52 35.71 36.79 48300
9/3/2007 37.31 38 36.85 37.34 13200
8/31/2007 36.51 37.3 36.51 36.8 23400
8/30/2007 36.97 37.01 36.72 36.72 43400
8/29/2007 37.1 37.1 36.31 36.97 3700
8/28/2007 37.49 37.6 37.25 37.41 1800
8/27/2007 37.9 37.9 37.01 37.45 9500
8/24/2007 37 37.8 37 37.5 18900
8/23/2007 37.5 37.5 37.1 37.5 15800
8/22/2007 37.6 37.6 36.74 37 17500
8/21/2007 37 37.5 36.99 37.25 16300
8/20/2007 35.87 38.75 35.87 36.86 10600
8/17/2007 34.8 35.25 34.8 35.25 14400
8/16/2007 37 37 34.69 35.45 52700
8/15/2007 37.9 37.9 36.97 37.4 24200
8/13/2007 37.25 39.15 37.25 38.5 54200
8/10/2007 38.5 39 35.79 37.44 29900
 8/9/2007 42.5 42.5 39.06 39.19 36000
8/8/2007 37 38.64 36.95 38.55 119700
8/7/2007 37.66 37.75 36.85 37.15 53000
8/6/2007 38.89 38.89 37.62 37.78 4400
8/3/2007 38.75 39.34 38.58 39.19 13900
8/2/2007 39.34 39.34 36.8 38.75 15500
8/1/2007 39.37 39.5 38.14 38.75 33400
7/31/2007 40 40 38.65 39 12700
7/30/2007 38.13 41.49 38.13 39.5 23700
7/27/2007 38.97 39.69 38.5 39 21600
7/26/2007 40.7 41.11 40.27 40.29 14400
7/25/2007 42.11 42.49 40.35 40.35 85000
7/24/2007 43 43.44 42.2 42.34 25700
7/23/2007 41.51 42.99 41.51 42.5 11200
7/20/2007 42 42.29 41.6 41.8 27000
7/19/2007 42 42.3 41.5 42.23 43800
7/18/2007 43.7 44.38 40.26 41.8 484400
7/17/2007 41.99 42.67 41.99 42.67 36100
7/16/2007 41.99 42.44 41.34 41.75 4500
7/13/2007 42.18 42.82 41.59 41.59 3900
7/12/2007 41.82 42.8 41.82 42.15 6800
7/11/2007 41.9 42.5 41.66 42 15900
7/10/2007 41.3 41.82 41.3 41.7 30400
7/9/2007 41.5 42.3 41.43 41.5 25600
7/6/2007 41.01 42.21 41 41.01 55300
7/5/2007 41.7 41.7 41.15 41.42 52500
7/4/2007 41.27 41.76 41.25 41.5 3600
7/3/2007 41.2 42.5 40.8 41.38 47900
7/2/2007 41.2 41.9 40.9 41.9 30000
6/29/2007 41.3 41.3 40.54 41.12 82700
6/28/2007 41.3 41.35 40.87 41.02 513100
6/27/2007 40.44 41.75 40.4 40.95 29200
6/26/2007 40.06 41.75 40.06 41.41 64200
6/25/2007 39.9 40.3 39.7 40.29 31100
6/22/2007 39.72 40.2 39.55 40.2 9800
6/21/2007 39.5 39.87 39.01 39.87 10200
6/20/2007 40 40.16 39.05 39.05 26000
6/19/2007 39.2 39.6 39.1 39.4 12400
6/18/2007 40 40 39.1 39.1 54100
6/15/2007 39.2 39.91 39.12 39.5 3500
6/14/2007 38.7 39.6 38.7 39.01 8500
6/13/2007 39.18 39.34 38.15 38.78 74600
6/12/2007 39.2 39.51 38.19 39.18 23200
6/11/2007 38.89 39.51 38.88 39.51 51300
 6/8/2007 39.49 39.49 38.3 38.7 98300
6/7/2007 39.89 39.89 39.02 39.1 83500
6/6/2007 39.7 40.42 39.4 39.5 42800
6/5/2007 41.2 41.5 39.5 39.77 92400
6/4/2007 42 42 40 40 34100
5/31/2007 37 39.94 37 39 122600
5/30/2007 37 37.05 36.65 37 118200
5/29/2007 37.4 37.49 36.86 37 102300
5/28/2007 37.4 37.58 36.85 37.5 4900
5/25/2007 36.61 37.3 36.51 36.9 41900
5/24/2007 36.67 37.35 36.21 36.85 21600
5/23/2007 36 37.8 36 37.01 33600
5/22/2007 36 36.5 35.34 36.5 34200
5/21/2007 34.5 36 34.36 35.6 46600
5/18/2007 33.59 34.59 33.59 34.5 8700
5/17/2007 34 34.11 33.35 34.11 4900
5/16/2007 33.8 34 33.36 34 1800
5/15/2007 33.31 34 33.3 33.3 12400
5/14/2007 33 34.02 32.75 34.02 78100
5/11/2007 33 33.13 32.53 32.75 8500
5/10/2007 33.33 34.25 32.95 33.1 77700
5/9/2007 32.71 33.5 32.2 33.01 30600
5/8/2007 33.37 33.37 32.69 32.69 210600
5/7/2007 33.5 33.5 32.33 33 5200
5/4/2007 32.79 33.5 32.79 33.5 28900
5/3/2007 33.5 33.5 31.57 32.43 70600
5/2/2007 32.1 33.49 31.33 33.3 17200
4/30/2007 32.55 33.41 32.05 32.15 3500
4/27/2007 33.45 33.45 32.92 33 42800
4/26/2007 32.94 33.49 32.64 33.01 25600
4/24/2007 32 32.01 31.52 32 22300
4/23/2007 31.15 31.99 31.15 31.95 7800
4/20/2007 31.51 32.18 31.46 31.9 13700
4/19/2007 31.46 32.19 31.46 32.01 36500
4/18/2007 32.5 33 30.03 32 83100
4/17/2007 32.54 33.07 32.5 32.64 9600
4/16/2007 32.71 33.2 32.71 33.1 8700
4/13/2007 33.5 33.5 32.2 32.94 22500
4/12/2007 34 34 32.13 33.5 99800
4/11/2007 34.47 34.48 34.1 34.21 197200
4/10/2007 32.77 34.47 30.33 34.47 17400
4/5/2007 34.1 34.1 32.55 33.55 21400
4/4/2007 33.3 35 33.3 34.18 40700
4/3/2007 33 33.6 33 33.35 52500
 4/2/2007 32.74 33.1 32.54 33 124500
3/30/2007 31 33.02 30.99 33.02 298800
3/29/2007 31.35 31.35 30.25 30.5 1188400
3/28/2007 30.75 31.5 30.55 31 17100
3/27/2007 32.4 33.4 30 30 58800
3/26/2007 31.72 32.14 31.3 32.1 29700
3/23/2007 30.69 31.71 30 30.81 32800
3/22/2007 30 30.55 30 30.5 71300
3/21/2007 28.9 30 28.9 29.99 98200
3/20/2007 30.1 30.1 28.75 29.49 45600
3/19/2007 29.89 30.5 29.7 29.8 9000
3/16/2007 30 30.5 29.14 29.89 9100
3/15/2007 29.8 30.9 29 29.1 35800
3/14/2007 30.5 30.89 30 30 19900
3/13/2007 31 31.1 30.57 31 139500
3/12/2007 29.95 31 29.95 31 22300
3/9/2007 29.6 29.98 28.85 29.95 8100
3/8/2007 29.85 30 29.42 29.75 9800
3/7/2007 29.45 29.49 28.95 29.25 25900
3/6/2007 29.5 30.5 26.55 29.25 65700
3/5/2007 28.25 29.56 28.25 29.56 41000
3/2/2007 29.44 29.55 28.57 29.18 10000
3/1/2007 28.5 29.75 27.5 27.78 37900
2/28/2007 28 30.99 27.9 28.25 90900
2/27/2007 30.52 31 30 30.06 15400
2/26/2007 31.05 33 30 31 36600
2/23/2007 31 32 31 31.5 11900
2/22/2007 33.2 33.41 32.65 32.65 17300
2/21/2007 33.5 33.6 33.1 33.45 11500
2/20/2007 34.1 34.1 33.1 33.98 39700
2/16/2007 33.99 33.99 33.2 33.8 43600
2/15/2007 34 34 33.25 33.99 6800
2/14/2007 35 35 33.81 34 16400
2/13/2007 34 34.04 33.1 34 19800
2/12/2007 33.8 34.14 33.49 34.06 28000
2/9/2007 32.9 33 32.3 32.96 29400
2/8/2007 31.49 33.4 31 32.3 107000
2/7/2007 33.99 34 31.8 32 28200
2/6/2007 33.5 36 32.8 32.8 69900
2/5/2007 32.5 33.59 32.45 33.36 25300
2/2/2007 33.5 33.6 32.6 32.6 296600
2/1/2007 33.37 33.65 33 33.4 36200
1/31/2007 31.58 34.73 31 32.52 509400
1/30/2007 29.45 29.45 29.01 29.24 11000
 1/29/2007 29.3 30 29 29 32300
1/26/2007 28.9 28.9 28.46 28.6 3100
1/25/2007 29 29.2 28.7 28.7 49300
1/24/2007 29 29.05 28.77 29 58200
1/23/2007 29.34 29.34 28 28.95 68300
1/22/2007 29.8 29.86 29.11 29.34 15400
1/19/2007 29 29.5 28.99 29.3 20400
1/18/2007 29 29.4 28.83 29 59000
1/17/2007 28.75 29 28.01 28.7 36300
1/16/2007 28.73 28.75 28.05 28.58 41600
1/15/2007 28.3 28.78 26.75 28.45 20900
1/12/2007 26.88 29.49 26.8 27.4 129500
1/11/2007 26.3 26.95 26.3 26.6 111700
1/10/2007 26 26.3 25.81 25.91 87700
1/9/2007 24.66 26.44 24.66 26 255100
1/8/2007 25 25 24.61 24.63 1300
1/5/2007 24.6 25.16 24.6 25 220000
1/4/2007 24.5 25.5 24.5 25.5 148600
1/3/2007 23.72 24.5 23.71 24.3 51300
1/2/2007 24 24.03 23.7 23.8 1900
12/29/2006 23.17 24 23.17 24 75700
12/28/2006 23.11 24 23.07 24 6000
12/27/2006 24 24 23.01 23.5 6900
12/22/2006 23.99 24 23.9 24 15600
12/21/2006 23.8 24.1 23.8 24 13300
12/20/2006 23.88 24 23.5 24 12600
12/19/2006 23.25 24.29 23.25 23.5 3000
12/18/2006 22.95 24.5 22.95 24.5 73300
12/15/2006 22.6 22.93 22.35 22.93 48100
12/14/2006 22 22.91 21.7 22.5 94100
12/13/2006 22.3 22.3 21.9 22.01 11500
12/12/2006 22.41 22.41 22.1 22.2 30000
12/11/2006 22.41 22.44 22.4 22.44 42900
12/8/2006 22.49 22.5 22.4 22.4 14000
12/7/2006 22.5 22.55 22.5 22.5 344300
12/6/2006 22.78 22.8 22.5 22.6 101400
12/5/2006 22.7 22.8 22.5 22.7 71100
12/4/2006 23 23 22.5 22.7 101100
12/1/2006 23 23.7 22.6 23.12 886000
 Axel Springer
Adj close Date Open High Low
37.73 1/18/2011 119 125.75 119
34.84 1/17/2011 117.95 120.95 117.5
34.9 1/14/2011 118.85 118.85 116.1
34.9 1/13/2011 120 120.15 117.5
34.98 1/12/2011 119.35 122 119.35
34.9 1/11/2011 120 120.25 118.7
34.77 1/10/2011 120.05 120.5 117.6
34.85 1/7/2011 121.9 122 119.1
34.75 1/6/2011 121.9 123.25 120.7
34.75 1/5/2011 123.95 123.95 120.05
34.82 1/4/2011 124.45 124.9 123.3
35.3 1/3/2011 122 125 120.75
35.23 12/30/2010 120.2 122.3 120.2
35.06 12/29/2010 122.5 123.05 120.05
35.03 12/28/2010 121.9 123.5 119.75
35.11 12/27/2010 121.85 123.15 120.1
35.2 12/23/2010 121.6 122.7 119.55
34.94 12/22/2010 117.75 122.2 116.6
35.1 12/21/2010 115.6 117.5 115.6
35.3 12/20/2010 116 116.95 115.5
35.4 12/17/2010 116 117.4 115.5
35.3 12/16/2010 112.2 116.1 112.2
35.21 12/15/2010 114.9 115 112.2
34.95 12/14/2010 117.35 117.6 115.5
34.88 12/13/2010 117.1 118.05 116.2
34.75 12/10/2010 116.6 117.4 115.75
34.8 12/9/2010 117.95 117.95 114.35
34.97 12/8/2010 119.6 119.8 117.15
34.49 12/7/2010 119.9 120.6 118.85
34.63 12/6/2010 119.05 119.45 117.95
34.5 12/3/2010 118 118.95 116.8
34.75 12/2/2010 112.85 117.3 110.9
34.68 12/1/2010 107.55 111 107.55
34.45 11/30/2010 109 110.45 104.55
34.4 11/29/2010 111.95 111.95 107.7
34.35 11/26/2010 113.25 113.25 109
34.37 11/25/2010 112.25 112.85 111.5
34.7 11/24/2010 108.1 113 107.8
 34.9 11/23/2010 108.6 110.4 107.35
35.3 11/22/2010 113.5 113.9 108.5
35.3 11/19/2010 111.85 114.25 111.5
35.26 11/18/2010 110.3 113.95 110.2
35.21 11/17/2010 107.8 112.35 107.35
35.2 11/16/2010 113.35 113.85 107.45
35 11/15/2010 113.5 113.9 109
35.38 11/12/2010 110.5 115.9 108.6
35.28 11/11/2010 106.5 111.9 106.5
35.3 11/10/2010 108.5 108.65 101.3
35.2 11/9/2010 108 109.8 107.85
35.55 11/8/2010 107.1 108.15 107.1
35.6 11/5/2010 108.85 109 106.8
35.5 11/4/2010 106.5 109 106.5
35.6 11/3/2010 106.5 107.85 105.9
35.6 11/2/2010 107.25 107.5 106.35
35.7 11/1/2010 107 107.25 106.7
35.99 10/29/2010 106.35 107 106.1
36.1 10/28/2010 105.5 107 104.8
35.8 10/27/2010 108 108 104.5
35.65 10/26/2010 109.2 109.2 107.55
35.65 10/25/2010 109.7 110 108.55
35.85 10/22/2010 107.55 109.6 107.1
36.5 10/21/2010 104.45 107.8 104.25
36.9 10/20/2010 104.95 105.45 104.5
36.3 10/19/2010 105.4 106.6 104.15
36.35 10/18/2010 105.7 105.9 103
37.27 10/15/2010 102.65 105.55 102.45
37.51 10/14/2010 100 102.3 100
37.75 10/13/2010 99.75 100.05 99.5
37.59 10/12/2010 99.6 100 99.38
37.6 10/11/2010 99.98 100 99.62
37.42 10/8/2010 100 100 99.55
37.6 10/7/2010 100.05 100.5 98.6
37.4 10/6/2010 99.5 101.95 98.82
37.15 10/5/2010 97.65 99.5 97.65
39 37 10/4/2010 98.86 99.5 97.14
37.55 10/1/2010 96.62 99.42 96.62
38
37.5 9/30/2010 96.4 97.01 94.75
37 37.75 9/29/2010 96.26 97.3 96.26
37.53 9/28/2010 97 97.37 95.75
36
37.67 9/27/2010 95 97 95
35 37.6 9/24/2010 91.8 96.45 91.5
34
37.75 9/23/2010 97.15 97.15 94.2
Column H
33

32

31
37

36

35

34
37.5 9/22/2010 95.67Column H 97.7 95.13
33 37.75 9/21/2010 96.89 97.8 95.8
32 37.9 9/20/2010 95.5 97.34 95.48
37.77 9/17/2010 93.68 95.5 93.5
31
38 9/16/2010 92.05 94.55 90.52
30 37.62 9/15/2010 95.1 96.79 92.2
10 10 10 10 10 10 10 10 10 10 10 9/14/2010
1037.95 10 10 10 11 11 96.33 97.79 96.1
/9/ 17/ 25/ /3/ 11/ 19/ 27/ /4/ 12/ 20/ 28/ /6/ 14/ 22/ 30/ /7/ 15/
9 9/ 9/3010 0/ 0/ 0/ 11 1/ 1/ 1/ 12 2/ 9/13/2010 / / 1 1/ 95.87 97.79 95
1 1 1 1 1 1 1 12 12
29 9/10/2010 92.67 95.68 92.67
29.3 9/9/2010 95 95 92.5
30.09 9/8/2010 95.8 95.81 94.5
29.9 9/7/2010 95 96.96 94.83
29.9 9/6/2010 93.5 95.19 93.5
29.4 9/3/2010 92.3 93 92.01
29.15 9/2/2010 92.45 92.5 92
29.32 9/1/2010 91.85 93 91.58
28.85 8/31/2010 91.02 92 90.72
29.3 8/30/2010 90.78 92.08 90.49
28.65 8/27/2010 89.99 90.5 89.56
28.5 8/26/2010 89.5 90 89.15
28.6 8/25/2010 88.51 89.78 88.5
27.9 8/24/2010 89.94 90 88.61
28.2 8/23/2010 89.9 90 89.35
28.85 8/20/2010 89.82 89.9 89.42
29.1 8/19/2010 89.7 90.05 89.5
29 8/18/2010 89.89 90 89.52
29.15 8/17/2010 89.89 89.9 89.29
29 8/16/2010 90.2 90.2 89.15
29.99 8/13/2010 90.1 90.38 89.69
30.1 8/12/2010 90.15 90.59 89.65
30.12 8/11/2010 91.15 91.77 90.18
30.38 8/10/2010 92 92.23 91.27
30 8/9/2010 93.15 93.15 92
30.35 8/6/2010 94 94.79 92.64
30.54 8/5/2010 94.7 95.5 93.57
30.52 8/4/2010 94.01 94.85 93.4
30.3 8/3/2010 94.45 95.4 93.8
30.2 8/2/2010 92.15 94.74 92.15
30.3 7/30/2010 90 92.3 90
30.2 7/29/2010 92.05 92.32 90.45
30.3 7/28/2010 91.95 91.95 90
29.99 7/27/2010 92 92.72 90.79
30.2 7/26/2010 89.6 92.76 88.44
29.55 7/23/2010 85.8 89.7 85.65
28.75 7/22/2010 84.32 86.47 84.32
28.75 7/21/2010 84.99 85.14 84.5
29 7/20/2010 82.59 85.05 82.31
29.52 7/19/2010 83.35 83.6 82.59
29.75 7/16/2010 83.6 84.95 83.1
30.01 7/15/2010 84.2 84.35 83.71
29.95 7/14/2010 85.15 85.2 83.6
30 7/13/2010 84.5 85.53 84.4
29.85 7/12/2010 84.95 85.04 83.98
29.85 7/9/2010 85.12 85.5 84.26
30 7/8/2010 86.3 86.4 85.13
30 7/7/2010 86.56 86.56 85.12
29.5 7/6/2010 86.95 87.35 86.01
29 7/5/2010 85.01 87.25 85.01
29.46 7/2/2010 84.55 87.48 84.25
28.16 7/1/2010 86 86 84.2
28.25 6/30/2010 83.2 86.51 82.92
28.22 6/29/2010 86.8 86.8 82.83
28.74 6/28/2010 85.2 87.5 84.85
28.55 6/25/2010 85.29 85.55 84.71
28.5 6/24/2010 85.5 85.64 84.28
28.3 6/23/2010 84.9 85.4 84
28.25 6/22/2010 82.5 85.25 82.17
28.7 6/21/2010 80.25 82.6 80.25
28 6/18/2010 79.8 80.28 79.25
27.95 6/17/2010 80.12 80.51 79.8
27.2 6/16/2010 79.87 80.16 79.35
27.84 6/15/2010 80 80.5 79.76
28 6/14/2010 78.5 80.32 78.5
27.67 6/11/2010 79.6 79.6 78.11
27.29 6/10/2010 77.76 79.14 77.76
27.7 6/9/2010 79.5 79.93 78
27.87 6/8/2010 79.7 80.99 78.96
29.25 6/7/2010 80.46 81.85 79.61
28 6/4/2010 84.24 84.24 80.76
28.4 6/3/2010 84.79 84.86 82.93
28.89 6/2/2010 82.98 84.49 82.06
29 6/1/2010 84.12 84.12 81.09
27 5/31/2010 82.08 84.81 81.79
26.93 5/28/2010 81.49 82.39 81.09
27.1 5/27/2010 81 82.16 80.1
28 5/26/2010 78.12 81.11 78.12
27.67 5/25/2010 78.1 79.29 77.58
27.5 5/24/2010 80 80.4 78.22
28.69 5/21/2010 81 81 78.24
28.84 5/20/2010 83.52 84.14 81.2
29.2 5/19/2010 83.54 84.22 83.26
30.5 5/18/2010 83.69 84.42 83.39
31.6 5/17/2010 84.2 84.5 83.3
29.86 5/14/2010 85.24 85.5 83.74
29.38 5/13/2010 86.86 86.86 84.59
29.5 5/12/2010 81.21 86.86 81.21
28 5/11/2010 82.92 83 80
29.7 5/10/2010 81.5 83.45 81
29.01 5/7/2010 83.15 85.15 79.4
30.3 5/6/2010 86.15 86.88 85.38
30.44 5/5/2010 84.72 86.77 84.71
30.4 5/4/2010 87.8 88.18 84.59
30.3 5/3/2010 85.15 88.94 84.32
29.8 4/30/2010 85.62 85.8 85.32
29.25 4/29/2010 84.5 85.87 82.81
30.1 4/28/2010 87 87 80.02
29.72 4/27/2010 87.52 88.4 86.66
30 4/26/2010 84.7 87.6 84.63
30 4/23/2010 92.12 93.5 88
29.79 4/22/2010 92.31 93.25 90.71
29.7 4/21/2010 94.05 94.58 91.52
30.06 4/20/2010 89.3 93.23 89.3
29.74 4/19/2010 91.09 92 86.76
29.82 4/16/2010 90.26 91.77 90.08
30.5 4/15/2010 87.83 91.07 87.41
30.85 4/14/2010 86.12 87.34 86.12
31.41 4/13/2010 86.02 86.69 85.33
31 4/12/2010 85.73 86.51 85.73
31.23 4/9/2010 85.5 86 85.22
30.35 4/8/2010 86.6 86.75 85.2
29.8 4/7/2010 86 86.5 86
29.38 4/6/2010 86.59 86.59 85.81
29.71 4/1/2010 85.97 86.96 85
30.9 3/31/2010 84.88 86.38 84.88
31.5 3/30/2010 83.7 85.05 83.7
29.75 3/29/2010 82.98 84.07 82.98
28.52 3/26/2010 82.95 83.02 82.51
27 3/25/2010 82.94 82.94 81.51
25.2 3/24/2010 83 83.5 82.56
24.78 3/23/2010 82.52 83.38 82.33
25.2 3/22/2010 82.2 82.69 81.97
25.6 3/19/2010 82.85 83.18 82.2
 25.8 3/18/2010 83.29 83.4 82.8
25.7 3/17/2010 83.93 84 82.47
25.67 3/16/2010 84.5 84.5 83.77
25.65 3/15/2010 84.94 85 84
25.85 3/12/2010 84.78 85.49 84.19
25.8 3/11/2010 84.5 85.68 84.44
25.36 3/10/2010 85.2 88 84.17
25.4 3/9/2010 85.5 85.95 85.2
25.2 3/8/2010 85.2 87.45 84.81
25.09 3/5/2010 83.77 84.32 83.63
25.1 3/4/2010 84.95 85.1 83.77
25.4 3/3/2010 84.15 85.52 84.15
25.64 3/2/2010 80.9 84.82 80.9
25.25 3/1/2010 79.07 81 79.06
25.6 2/26/2010 80 81 77.94
25.25 2/25/2010 80.43 80.8 80
25.25 2/24/2010 80.95 80.99 80.24
25 2/23/2010 80.8 81 80.66
25 2/22/2010 80.71 81 80.1
24.74 2/19/2010 78.77 80.45 78.52
24 2/18/2010 79.5 79.5 78.78
24.03 2/17/2010 77.52 79.8 77.52
23.4 2/16/2010 76.78 77.94 76.78
23.05 2/15/2010 76 76.65 75.55
23.5 2/12/2010 74.97 76.47 74.97
23 2/11/2010 74.47 74.83 74.14
23.55 2/10/2010 74.47 74.91 74.41
24.06 2/9/2010 75.39 75.39 74.45
24.41 2/8/2010 76 76.05 74.74
24.74 2/5/2010 76.99 76.99 75.79
24.38 2/4/2010 76.54 76.97 76.2
24.47 2/3/2010 75.68 76.65 75.53
25.14 2/2/2010 76 76.01 74.91
25.79 2/1/2010 76.24 76.24 75.59
24.9 1/29/2010 75.53 76.5 75.53
24.85 1/28/2010 73.86 75.47 73.85
24.84 1/27/2010 73.31 73.79 72.29
24.44 1/26/2010 74.87 75.02 72.9
24.9 1/25/2010 74.5 75.15 74.11
24.4 1/22/2010 75 75.99 74.02
24.33 1/21/2010 76.51 77.25 75
25.08 1/20/2010 77.2 77.2 76.3
26.2 1/19/2010 76.3 77.19 76.3
25.36 1/18/2010 76.42 77.2 76.37
24.24 1/15/2010 77.1 77.21 76.3
23.46 1/14/2010 76.52 77.13 76.5
23.99 1/13/2010 76.13 76.5 76
23 1/12/2010 76.7 76.7 75.49
22.72 1/11/2010 76.27 76.8 76.18
22.8 1/8/2010 77.5 77.5 75.38
22.8 1/7/2010 76.5 78.07 76.5
23.03 1/6/2010 76.11 76.5 75.1
22.52 1/5/2010 76.76 76.76 76.19
22.75 1/4/2010 75.12 76.96 74.96
23.22
23.33
23.4
23.52
23.48
23.57 Sh
23.87
23.9 50.00

24.03
24.35 45.00
24.82
24.9
40.00
24.09
24
24.33 35.00
23.65
24.5
30.00
23.5
24.91
25 25.00
25.12
26.19 20.00 12/01/06: IPO at €22.5/
25.75 share
26
26.15 15.00
25.6
25.55 10.00
26
26.5
5.00
26.3 12/1/06 3/1/07 6/1/07 9/1/07 12/1/07 3/1/08 6
26.35
25.8
25.7
25.11

Share price perform

25.17
25.2 Share price perform
25.18
24.22
24.68
39.00
23.5
23.5
23.84 37.00
24.55
24.93
24.5 35.00
25.2
25.5
33.00
25.89
26.2
26.17 31.00
26.6
27
27.35 29.00
27.19
27.15
27.00
27.4
27.42
27.2 25.00
26.94 6/9/10 6/24/10 7/9/10 7/24/10 8/8/10 8/23/10 9
26.75
26.97 SeLoger.com AS's offer
27.1
27.4
27.39
27.5
27.5
28
27.95
27.02
26.65
26.37
26.25
26
24.87
24.2
24.26
23.75
23.6
 23.5
23.8
23.8
23.51
23.7
24.4
25.5
25.5
24.16
25.3
26
25.9
24.8
22.5
22.01
22.35
23.37
24.5
22.49
22.4
12/01/06: IPO of SeLoger.com
at €22.5/share
Timing
22.5
22.3
09/28/10: Filing of the d
22.26 document by Axel Spring
22.5
39.00
22.45
22.5
22.2
37.00
22.5
22.85
23.19
35.00 09/22/10: LeBonCoin.fr sold
23 at 18.0x 2010 EBITDA
23.48
23.3
33.00
23.33 09/14/10: The Supervisory 09/29/10: Groupe Arna
Board rejected the offer reiterated its intention
22.65 09/15/10: Groupe Arnault tender its shares
21.9 publically rejected the €34/
31.00 share offer
21.7
21.5
21.5
29.00
20.3
20.1 09/09/10: Springer's acquisition of a 12.36% stake at €34,
20 announcement of Springer's offer at €34/share,
27.00 SeLoger released H1 10 results and announced FY10 targets of
19.99 €81-84m in revenue and €42-44m EBITDA
19.8

25.00
9/1/10 9/16/10 10/1/10
 09/09/10: Springer's acquisition of a 12.36% stake at €34,
announcement of Springer's offer at €34/share,
27.00 SeLoger released H1 10 results and announced FY10 targets of
€81-84m in revenue and €42-44m EBITDA

19.65
25.00
20.44 9/1/10 9/16/10 10/1/10
20.35
20.06
21.29
21.45
20
20
20
19.59
19.55
19.45
19.98
20
20
20.35
21.1
21.2
21
21
21.09
21
21.06
21.66
21.5
23
21.42
19.9
19.3
19.3
19.2
19.2
19.17
19.3
20
20
19.55
19.45
19.4
19.2
19.15
19.87
19.79
19.99
20.24
19.61
19.18
19.13
19.14
18.4
18.4
18.55
18.7
18.55
18
16.5
16.65
16.7
16.68
17
16.5
16.5
16.2
15.75
15.15
15.3
15.07
14.85
14.61
14.7
14.91
14.65
14.65
12.3
12.41
12.45
12
12.3
12.3
12.24
12.35
12
12
11.9
12
12.15
13
12.81
 12.3
12
13.05
12
12.3
11.65
11.65
11.85
12
11.9
12
12.1
13.14
12.24
12.2
12.28
13.35
13.2
13.3
13.49
13.65
13.8
13.49
13
13.01
12.77
12.74
12.1
12.06
12.06
12.3
13
12.7
12.6
12.6
13.8
13.74
13.76
12.8
12.24
11.8
11
10.5
10.5
10.45
10.3
10.45
10.31
10.62
10.44
10.55
10.6
10.9
11
11
11
11
11
11
11.04
11
11.69
11.53
11.6
11
11.3
11.25
11
11.15
11.59
11.5
11.9
11.85
12.45
12.66
12.12
12.29
11.78
13.71
14.13
14.29
14.65
14.65
14.65
14.7
14.27
13.3
12.13
 13.4
14
14.2
14.3
13.56
13.3
13.45
13.28
13.3
13.41
13.58
13.43
13.45
12.68
13.4
13.54
13.5
13.5
13.06
12.9
12.9
13.57
13.96
13.61
14.35
15
14
14.21
14.6
15.98
16.56
17
16.96
18.05
19
18.92
17.95
18.3
17.51
17.77
17.9
17.57
17.77
17.1
 17.2
17.1
17.3
16.54
16.88
16.93
16.7
17
16.86
17.34
17.39
17.4
17.5
17.9
18.17
17.5
15.96
15.9
15.52
15.8
15
15.64
15.77
16
14
12.86
13.7
13.49
13.5
11.31
11.52
12.1
12.65
12.83
12.73
13.48
13.82
13.74
15
14.31
15
14.75
15.16
16.12
17.54
18
18.63
18.6
19.5
20.22
20.75
20.07
20.25
20.06
20.51
20.41
22.03
22.36
22.64
23.3
25.22
26.3
26.32
26.45
26.5
27.8
27.8
27.8
28.48
28.85
29
28.92
29.91
29.53
29.45
29.01
29.41
30
30.3
30.5
30.07
30.47
30
28.79
28.62
28.77
28.87
28.65
28.25
29
29.8
30.74
30.81
31
31
32
32.1
32.4
32.49
33.16
33.5
32.89
32.95
33.5
33.5
33.2
32.05
32.19
32.43
31.83
31.5
31.25
32.14
32.18
33
32
31.31
31.28
32.08
32.39
34.52
34.3
35.35
36.13
36.69
36.2
35.17
34.65
34.84
34.68
35
34.92
34.57
33.8
33
33
32.3
33
33
33.12
34.48
34.8
35
34
32.35
32.1
32.22
32.4
31.79
31
32
31.74
33.65
33.9
33.82
35.4
37
38.11
38.67
38.5
40
40
40
39.72
40.85
40.2
40
40
39.5
40
39.82
38.6
38.26
38
39.95
40.38
 40.8
40.45
40.41
41.9
42.02
42.06
41.5
41.7
41.2
39.15
38.92
39
39.7
39
39
40.94
42.25
41.85
42
40.98
41
41.25
41.62
42.2
43.03
44.48
45
45.36
46.57
46.5
46.19
45.01
45.5
46.37
45.13
43.79
43.48
43.5
43.5
42.44
42.66
41.12
42.2
42.6
42.75
42.78
42.7
43.2
43.4
43.23
43.15
43
41.8
40.1
38.34
37.9
36.69
35.8
37.3
36.1
35.78
34.65
33.14
33.4
33.73
34.19
34.55
34.5
35.19
35.9
35.98
36.79
37.34
36.8
36.72
36.97
37.41
37.45
37.5
37.5
37
37.25
36.86
35.25
35.45
37.4
38.5
37.44
39.19
38.55
37.15
37.78
39.19
38.75
38.75
39
39.5
39
40.29
40.35
42.34
42.5
41.8
42.23
41.8
42.67
41.75
41.59
42.15
42
41.7
41.5
41.01
41.42
41.5
41.38
41.9
41.12
41.02
40.95
41.41
40.29
40.2
39.87
39.05
39.4
39.1
39.5
39.01
38.78
39.18
39.51
 38.7
39.1
39.5
39.77
40
39
37
37
37.5
36.9
36.85
37.01
36.5
35.6
34.5
34.11
34
33.3
34.02
32.75
33.1
33.01
32.69
33
33.5
32.43
33.3
32.15
33
33.01
32
31.95
31.9
32.01
32
32.64
33.1
32.94
33.5
34.21
34.47
33.55
34.18
33.35
 33
33.02
30.5
31
30
32.1
30.81
30.5
29.99
29.49
29.8
29.89
29.1
30
31
31
29.95
29.75
29.25
29.25
29.56
29.18
27.78
28.25
30.06
31
31.5
32.65
33.45
33.98
33.8
33.99
34
34
34.06
32.96
32.3
32
32.8
33.36
32.6
33.4
32.52
29.24
 29
28.6
28.7
29
28.95
29.34
29.3
29
28.7
28.58
28.45
27.4
26.6
25.91
26
24.63
25
25.5
24.3
23.8
24
24
23.5
24
24
24
23.5
24.5
22.93
22.5
22.01
22.2
22.44
22.4
22.5
22.6
22.7
22.7
23.12
el Springer
Close Volume Adj close
140
125 87300 125
120.1 36300 120.1 120
117.4 46200 117.4
118.7 42600 118.7 100
120 53400 120
119.5 29700 119.5 80

118.75 28100 118.75

60
119.95 23000 119.95
121.75 27500 121.75 40
121.6 62400 121.6
124.05 49900 124.05 20
121.8 28800 121.8
0
122 15200 122
10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10
120.05 26500 120.05 /1/ /6/ 11/ 16/ 21/ 26/ /1/ /6/ 11/ 16/ 21/ 26/ 31/ /5/ 10/ 15/ 20
9 9 9/ 9/ 9/ 9/ 10 10 0/ 0/ 0/ 0/ 0/ 11 1/ 1/ 1/
122.35 18200 122.35 1 1 1 1 1 1 1 1 1
121 19400 121 SeLoger.com Ax
122 58300 122
122.1 59100 122.1
117.1 35100 117.1
116 24900 116
117 125200 117
115.45 89300 115.45
113.45 93100 113.45
115.55 48900 115.55
117.25 43900 117.25
117.1 57100 117.1
116 83000 116
117.15 112500 117.15
119.3 59800 119.3
118.8 82100 118.8
117.9 76700 117.9
116.15 129600 116.15
110.8 73100 110.8
108 916500 108
107.9 63500 107.9
111 65200 111
112.85 39900 112.85
112.25 87600 112.25
107.35 49700 107.35
108.9 54700 108.9
113.05 67700 113.05
112.85 74800 112.85
110.35 68500 110.35
108.5 57300 108.5
113.9 64800 113.9
114.15 81100 114.15
111.5 128700 111.5
105.4 135200 105.4
108.5 25700 108.5
107.85 25600 107.85
107.25 22600 107.25
108.85 25200 108.85
106.35 26200 106.35
106.65 39200 106.65
107.1 29000 107.1
106.85 20400 106.85
106.2 31900 106.2
105.4 37400 105.4
107.85 26900 107.85
108.55 19800 108.55
108.45 72600 108.45
107.35 31300 107.35
105.25 25300 105.25
105 67200 105
103.25 38900 103.25
105.45 72600 105.45
102.1 33000 102.1
100 63400 100
99.75 47200 99.75
99.85 105000 99.85
99.8 48600 99.8
99.98 46600 99.98
99.24 60500 99.24
99.5 109400 99.5
97.63 76300 97.63
98.2 144600 98.2
96.96 73700 96.96
96.5 56200 96.5
96.34 50600 96.34
96.59 103500 96.59
95 497600 95
94.76 30700 94.76
 97 20600 97
96.1 27800 96.1
97.2 25100 97.2
95.25 122900 95.25
93.79 13100 93.79
92.2 33400 92.2
96.46 9500 96.46
96.75 13800 96.75
95.17 13600 95.17
93.6 31900 93.6
95 17100 95
96 48900 96
94.5 53900 94.5
93 15600 93
92.5 11200 92.5
92.36 31100 92.36
92 13700 92
91.45 15000 91.45
90 25300 90
90 13000 90
89.48 7100 89.48
88.95 14400 88.95
90 11100 90
89.82 10500 89.82
89.9 15600 89.9
89.74 7300 89.74
89.29 13700 89.29
89.16 4800 89.16
89.99 11400 89.99
90 13700 90
90.7 11300 90.7
91.61 9800 91.61
92.6 12200 92.6
93.3 9100 93.3
93.95 24200 93.95
93.5 13700 93.5
94 30000 94
93.9 26500 93.9
92 26800 92
90.45 11000 90.45
90.45 10100 90.45
91.22 13700 91.22
91.58 23300 91.58
89.2 27800 89.2
85.65 17000 85.65
84.5 26500 84.5
84.63 24100 84.63
82.65 3900 82.65
83.35 9200 83.35
84 8600 84
84.12 15100 84.12
85.2 17600 85.2
84.98 13100 84.98
84.26 14100 84.26
85.49 10000 85.49
86 10500 86
86.6 11300 86.6
85.79 15500 85.79
86.61 15300 86.61
84.7 14200 84.7
86.51 14100 86.51
83.46 14800 83.46
87.24 12600 87.24
85.04 13900 85.04
85.37 16300 85.37
85 12700 85
85.25 19700 85.25
82.6 11900 82.6
79.99 15100 79.99
79.84 11000 79.84
79.92 13500 79.92
79.8 40500 79.8
79.9 48800 79.9
78.11 17300 78.11
78.6 15400 78.6
78 15000 78
78.96 6500 78.96
79.61 11300 79.61
80.76 12100 80.76
83.5 8000 83.5
84.15 7700 84.15
83.24 10700 83.24
84 17800 84
82.06 17400 82.06
80.65 12800 80.65
81 13800 81
78.44 22600 78.44
79.5 20300 79.5
79.49 23900 79.49
81.2 9700 81.2
83.39 15600 83.39
83.39 16200 83.39
83.84 11700 83.84
84.63 9600 84.63
85.49 3200 85.49
86.86 16600 86.86
81.5 19300 81.5
82.92 20800 82.92
79.4 43000 79.4
85.38 10700 85.38
86.15 11200 86.15
84.59 11200 84.59
88.78 13900 88.78
85.34 5400 85.34
85.21 13400 85.21
84.5 23400 84.5
87.2 35700 87.2
87.38 37000 87.38
89.9 61300 85.5
91.76 16900 87.27
91.52 10300 87.04
93.2 24000 88.64
88.8 30300 84.45
90.86 12700 86.41
90.3 19000 85.88
87.24 7400 82.97
86 9800 81.79
85.92 9200 81.71
85.26 5900 81.09
85.2 7900 81.03
86.45 4100 82.22
86.05 13900 81.84
86.51 15800 82.28
85.61 18100 81.42
85 25800 80.84
83.75 15600 79.65
82.7 7400 78.65
82.57 14300 78.53
82.56 13700 78.52
83 19500 78.94
82.25 11200 78.22
82.32 16100 78.29
 82.8 4600 78.75
83.29 10800 79.21
83.93 8900 79.82
84.1 7800 79.98
85 13100 80.84
84.72 15500 80.57
84.61 20700 80.47
85.2 4900 81.03
85.65 6400 81.46
84.03 11900 79.92
83.77 10800 79.67
85.05 14300 80.89
84.14 29200 80.02
80.9 20800 76.94
78.74 17300 74.89
80 12600 76.08
80.48 5200 76.54
80.8 6600 76.85
80.51 10400 76.57
80.45 11000 76.51
78.87 6600 75.01
79.8 8300 75.89
77.25 8800 73.47
76.57 10900 72.82
76.34 10400 72.6
74.83 3000 71.17
74.66 4700 71.01
74.45 1200 70.81
75.45 10300 71.76
75.92 9700 72.2
76.8 9100 73.04
76.27 5100 72.54
75.5 10100 71.8
75.92 3700 72.2
76.1 10100 72.38
75.27 8300 71.59
73.79 10300 70.18
73.31 10100 69.72
74.85 7200 71.19
74.71 11800 71.05
75.5 31100 71.8
76.3 3600 72.57
77.19 3800 73.41
76.45 6400 72.71
 76.39 10600 72.65
77.1 4000 73.33
76.5 3900 72.76
76 13700 72.28
76.8 4700 73.04
76.06 10300 72.34
77.4 11600 73.61
76.5 10800 72.76
76.2 5900 72.47
76.83 10600 73.07

Share price evolution since IPO

12/1/07 3/1/08 6/1/08 9/1/08 12/1/08 3/1/09 6/1/09 9/1/09 12/1/09 3/1/10

SeLoger.com

re price performance 3 months before and during the offer

re price performance 3 months before and during the offer

8/8/10 8/23/10 9/7/10 9/22/10 10/7/10 10/22/10 11/6/10 11/21/10 12/6/10 12/21/10

AS's offer Volume-weighted average mean (3 months pre-offer) Volume-weighted average mean (within the off
 Timing of announcements and offers

09/28/10: Filing of the draft offer

document by Axel Springer 10/26/10: Filing of the draft reply docu-
ment by SeLoger, incl. the report from the
independent expert, valuing the shares at
€37.1 to €40/share

12/02/10: The pu
offer was declare

0: LeBonCoin.fr sold
2010 EBITDA

09/29/10: Groupe Arnault

reiterated its intention not to
tender its shares

11
pr
sh

4,
ets of

10/1/10 10/16/10 10/31/10 11/15/10 11/30/

SeLoger.com
4,
ets of

10/1/10 10/16/10 10/31/10 11/15/10 11/30/

SeLoger.com
 Date
1/18/2011
1/17/2011
1/14/2011
1/13/2011
1/12/2011
1/11/2011
1/10/2011
1/7/2011
1/6/2011
1/5/2011
1/4/2011
1/3/2011
12/31/2010
0 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 11 11 11
1/ 6/ 1/ 6/ 1/ 5/ 0/ 5/ 0/ 5/ 0/ 5/ 0/ 5/ 0/ 5/ 0/ 4/ 9/ 4/ 12/30/2010
/1 0/1 0/2 0/2 0/3 11/ 1/1 1/1 1/2 1/2 1/3 12/ 2/1 2/1 2/2 2/2 2/3 1/ 1/ 1/1
1 1 1 1 1 1 1 1 1 1 1 1 1 1 12/29/2010
SeLoger.com Axel Springer
12/28/2010
12/27/2010
12/24/2010
12/23/2010
12/22/2010
12/21/2010
12/20/2010
12/17/2010
12/16/2010
12/15/2010
12/14/2010
12/13/2010
12/10/2010
12/9/2010
12/8/2010
12/7/2010
12/6/2010
12/3/2010
12/2/2010
12/1/2010
11/30/2010
11/29/2010
11/26/2010
11/25/2010
11/24/2010
11/23/2010
11/22/2010
11/19/2010
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11/12/2010
11/11/2010
11/10/2010
11/9/2010
11/8/2010
11/5/2010
11/4/2010
11/3/2010
11/2/2010
11/1/2010
10/29/2010
10/28/2010
10/27/2010
10/26/2010
10/25/2010
10/22/2010
10/21/2010
10/20/2010
10/19/2010
10/18/2010
10/15/2010
10/14/2010
10/13/2010
10/12/2010
10/11/2010
10/8/2010
10/7/2010
10/6/2010
10/5/2010
10/4/2010
10/1/2010
9/30/2010
9/29/2010
9/28/2010
9/27/2010
9/24/2010
9/23/2010
9/22/2010
9/21/2010
9/20/2010
9/17/2010
9/16/2010
9/15/2010
9/14/2010
9/13/2010
9/10/2010
9/9/2010
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9/2/2010
9/1/2010
8/31/2010
8/30/2010
8/27/2010
8/26/2010
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8/20/2010
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7/1/2010
6/30/2010
6/29/2010
6/28/2010
6/25/2010
6/24/2010
6/23/2010
6/22/2010
6/21/2010
6/18/2010
6/17/2010
6/16/2010
6/15/2010
6/14/2010
6/11/2010
6/10/2010
6/9/2010
6/8/2010
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6/4/2010
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6/2/2010
6/1/2010
5/31/2010
5/28/2010
5/27/2010
5/26/2010
5/25/2010
5/24/2010
5/21/2010
5/20/2010
5/19/2010
5/18/2010
5/17/2010
5/14/2010
5/13/2010
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5/11/2010
5/10/2010
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5/5/2010
5/4/2010
5/3/2010
4/30/2010
4/29/2010
4/28/2010
4/27/2010
4/26/2010
4/23/2010
4/22/2010
4/21/2010
4/20/2010
4/19/2010
4/16/2010
4/15/2010
4/14/2010
4/13/2010
4/12/2010
4/9/2010
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4/6/2010
4/1/2010
3/31/2010
3/30/2010
3/29/2010
3/26/2010
3/25/2010
3/24/2010
3/23/2010
3/22/2010
3/19/2010
3/18/2010
3/17/2010
3/16/2010
3/15/2010
3/12/2010
3/11/2010
3/10/2010
3/9/2010
3/8/2010
3/5/2010
3/4/2010
3/3/2010
3/2/2010
3/1/2010
2/26/2010
2/25/2010
2/24/2010
2/23/2010
2/22/2010
2/19/2010
2/18/2010
2/17/2010
2/16/2010
2/15/2010
2/12/2010
2/11/2010
2/10/2010
2/9/2010
2/8/2010
2/5/2010
2/4/2010
2/3/2010
2/2/2010
2/1/2010
1/29/2010
1/28/2010
1/27/2010
1/26/2010
1/25/2010
1/22/2010
1/21/2010
1/20/2010
 1/19/2010
1/18/2010
1/15/2010
1/14/2010
1/13/2010
1/12/2010
1/11/2010
1/8/2010
1/7/2010
1/6/2010
1/5/2010
1/4/2010

09/09/10: Springer's
12.36% stake acquisition,
rel

9 12/1/09 3/1/10 6/1/10 9/1/10

ffer
ffer

€36.8

€34.0

€29.3

/10 12/6/10 12/21/10 1/5/11

ghted average mean (within the offer period)

 12/02/10: The public tender
offer was declared opened

11/30/10: AMF gave its ap-

proval to launch the €34/
share offer

10 11/30/10 12/15/10
10 11/30/10 12/15/10
 French CAC 40
Open High Low Close Volume Adj close
3991.07 4016.4 3987.02 4012.68 138535800 4012.68
3984.09 3990.35 3965.91 3975.41 79477600 3975.41
3961.04 3992.1 3954.04 3983.28 136628800 3983.28
3950.91 3975.63 3943.98 3974.83 185024800 3974.83
3870.79 3946.12 3869.67 3945.07 177690200 3945.07
3821.99 3866.85 3809.85 3861.92 135100800 3861.92
3850.27 3853.38 3790.96 3802.03 123908000 3802.03
3892.87 3913.92 3865.58 3865.58 113235600 3865.58
3911.34 3945.34 3895.55 3904.42 124397200 3904.42
3904.47 3905.98 3850.38 3904.61 116335600 3904.61
3908.25 3945.72 3890.83 3916.03 109202000 3916.03
3847.63 3904.03 3836.71 3900.86 72025000 3900.86
3854.18 3854.18 3804.78 3804.78 21801800 3804.78
3893.51 3902.04 3839.61 3850.76 47107800 3850.76
3869.9 3904.04 3869.82 3890.65 43576200 3890.65
3872.7 3881.97 3858.72 3858.72 38975400 3858.72
3893.11 3901.92 3836.05 3862.19 45835800 3862.19
3906.93 3911.95 3893.55 3900.39 11748600 3900.39
3922.74 3924.3 3889.31 3911.32 56607600 3911.32
3922.96 3932.2 3919.47 3919.71 90292800 3919.71
3903.16 3936.06 3899.22 3927.49 92340000 3927.49
3873.24 3918.69 3869.2 3885.08 100344000 3885.08
3901.42 3906.09 3865.1 3867.35 152973800 3867.35
3878.25 3897.15 3861.1 3888.36 102082600 3888.36
3889.84 3892.93 3865.17 3880.19 108015800 3880.19
3893.96 3902.87 3881.64 3902.87 98932400 3902.87
3872.83 3904.43 3868.78 3892.44 114030000 3892.44
3870.46 3873.64 3850.69 3857.35 104236200 3857.35
3857.69 3867.34 3836.83 3858.05 147906200 3858.05
3790.48 3857.86 3784.38 3831.98 123966000 3831.98
3759.59 3835.06 3758.91 3810.5 143962000 3810.5
3758.58 3763.4 3723.16 3749.23 110872600 3749.23
3744.24 3775.75 3721.38 3750.55 151577200 3750.55
3695.41 3754.82 3650.03 3747.04 186177800 3747.04
3634.61 3674.96 3620.64 3669.29 176499800 3669.29
3643.63 3656.81 3591.78 3610.44 202078200 3610.44
3748.1 3773.9 3636.96 3636.96 176573200 3636.96
3728.99 3743.98 3687.43 3728.65 139703200 3728.65
3752.42 3767.69 3730.04 3760.42 103016400 3760.42
3738.47 3760.78 3703.72 3747.61 159483400 3747.61
3792.14 3803.86 3724.42 3724.42 157190800 3724.42
3892.65 3896.07 3812.48 3818.89 132362800 3818.89
3871.5 3871.5 3827.03 3860.16 118989600 3860.16
3823.53 3873.58 3822.15 3867.97 149425000 3867.97
3753.76 3798.73 3753.06 3792.35 114469600 3792.35
3836.73 3842.12 3762.47 3762.47 159943600 3762.47
3810.24 3875.63 3797.75 3864.24 108250800 3864.24
3796.61 3853.31 3769.59 3831.12 171830200 3831.12
3900.83 3903.2 3848.1 3867.35 168785200 3867.35
3923.25 3932.67 3869.2 3888.45 181527000 3888.45
3903.85 3961.7 3902.64 3945.71 131200100 3945.71
3915.34 3919.86 3896.7 3913.7 116917100 3913.7
3928.01 3937.64 3893.93 3916.73 156369000 3916.73
3885.17 3931.76 3885.17 3916.78 244575600 3916.78
3880.08 3890.9 3834.68 3842.94 116760500 3842.94
3830.4 3879.35 3830.14 3865.72 96852400 3865.72
3865.04 3873.77 3812.37 3841.11 88108800 3841.11
3828.71 3857.58 3807.8 3833.5 112293600 3833.5
3838.13 3862.97 3821.88 3834.84 115316500 3834.84
3836.12 3867.89 3811 3815.77 125054700 3815.77
3854.58 3866.35 3818.95 3852.66 113039400 3852.66
3894.91 3894.91 3862.8 3870 90223000 3870
3859.33 3887.82 3855.91 3868.54 103381200 3868.54
3820.73 3889.74 3811.44 3878.27 135072000 3878.27
3793.39 3832.87 3786.36 3828.15 115420600 3828.15
3828.75 3853.96 3794.89 3807.17 137790400 3807.17
3803.46 3842.39 3798.13 3834.5 88536800 3834.5
3829.69 3837.51 3798.93 3827.37 145198400 3827.37
3833.42 3845.36 3812.41 3819.17 153148800 3819.17
3768.85 3828.34 3766.93 3828.34 126062800 3828.34
3738.04 3756.25 3700.26 3748.86 127968000 3748.86
3770.03 3782.02 3763.64 3768.49 99536800 3768.49
3763.35 3774.92 3738.56 3763.18 123024800 3763.18
3769.26 3799.71 3732.45 3770.47 134926800 3770.47
3750.87 3779.71 3746.63 3764.91 145799900 3764.91
3648.96 3742.66 3638.34 3731.93 124876600 3731.93
3689.18 3691.8 3640.48 3649.81 113094000 3649.81
3722.93 3754.08 3672.9 3692.09 135442000 3692.09
3711.96 3782.67 3693.46 3715.18 160919000 3715.18
3780.93 3798.48 3725.57 3737.12 143812000 3737.12
3750.53 3780.45 3711.15 3762.35 157413800 3762.35
3796.53 3800.87 3764.12 3766.16 109771000 3766.16
3687.83 3786.35 3686.29 3782.48 191285800 3782.48
3762.43 3771.69 3666.23 3710.61 133300600 3710.61
3796.75 3796.75 3729.82 3735.05 141261000 3735.05
3781.74 3824.98 3777.62 3784.4 146668200 3784.4
3738 3792.38 3737.01 3788.01 142000600 3788.01
3778.24 3795.48 3705.29 3722.02 278399800 3722.02
3757.91 3766.13 3729.67 3736.3 107104400 3736.3
3776.19 3784.04 3738.44 3755.64 117818000 3755.64
3767.38 3784.13 3746.97 3774.4 118190200 3774.4
3765.24 3781.48 3751.57 3767.15 131294400 3767.15
3703.02 3731.86 3697.18 3725.82 109389800 3725.82
3666.76 3731.06 3655.47 3722.15 123690800 3722.15
3632.62 3686.91 3613.29 3677.21 125221000 3677.21
3669.15 3672.54 3620.36 3643.81 108087700 3643.81
3695.47 3695.47 3674.76 3684.73 74534600 3684.73
3642.1 3706.48 3631.32 3672.2 132819000 3672.2
3610.4 3646.29 3598.18 3631.43 121208000 3631.43
3507.87 3626.26 3478.85 3623.84 168577800 3623.84
3435.05 3490.79 3430.91 3490.79 132464300 3490.79
3518.69 3520.7 3477.27 3487.01 70376000 3487.01
3460.35 3509.58 3435.55 3507.44 124786200 3507.44
3490.75 3491.85 3455.51 3475.03 117566800 3475.03
3482.53 3500.81 3414.84 3450.19 139057400 3450.19
3523.49 3529.91 3457.12 3491.11 129505800 3491.11
3536.95 3583.45 3524.63 3553.23 84709800 3553.23
3570.4 3596.43 3517.49 3526.12 122422600 3526.12
3666.94 3680.03 3570.35 3572.4 126822600 3572.4
3650.52 3668.5 3625.49 3647.93 84809600 3647.93
3615.35 3664.62 3610.27 3663.13 98604600 3663.13
3622.6 3628.66 3563.88 3597.6 81349400 3597.6
3650.46 3652.08 3577.54 3610.91 112094400 3610.91
3611.46 3641.85 3584.44 3621.07 142554800 3621.07
3705.44 3708.62 3625.7 3628.29 130808800 3628.29
3769.47 3771.67 3710.01 3730.58 104085000 3730.58
3764.25 3781.63 3752.99 3777.37 90481000 3777.37
3780.82 3794.03 3698.15 3716.05 137452400 3716.05
3763.72 3802.94 3758.52 3764.19 111002400 3764.19
3746.56 3779.99 3716.03 3760.72 122176400 3760.72
3744.52 3751.96 3716.04 3747.51 118021400 3747.51
3675.88 3755.72 3671.93 3752.03 128950400 3752.03
3647.21 3680.07 3600.83 3643.14 212444400 3643.14
3680.06 3720.63 3651.91 3651.91 163107200 3651.91
3680.6 3700.4 3656.19 3670.36 144008200 3670.36
3661.06 3698.02 3654.22 3666.4 189935300 3666.4
3634.76 3636.18 3589.93 3636.18 120159000 3636.18
3595.66 3628.2 3575.32 3607.05 144253200 3607.05
3473.48 3604.9 3469.47 3600.57 152198400 3600.57
3500.36 3541.59 3488.62 3493.92 121735000 3493.92
3512.42 3514.39 3419.77 3468.02 121121400 3468.02
3476.07 3534.49 3476.07 3486.33 98873200 3486.33
3595.02 3614.59 3487.21 3500.16 153679600 3500.16
3617.37 3654.1 3569.41 3581.82 129048000 3581.82
3652.19 3656.76 3596.27 3632.98 104902600 3632.98
3568.39 3642.53 3567.68 3637.76 120330000 3637.76
3562.7 3593.12 3545.57 3567.66 81693200 3567.66
3567.37 3570.89 3540.39 3554.48 102697000 3554.48
3516.13 3553.61 3504.78 3538.25 137177600 3538.25
3386.47 3483.44 3361.18 3483.44 161380200 3483.44
3352.39 3456.43 3349.68 3423.36 139601000 3423.36
3362.72 3364.75 3331.59 3332.46 82880200 3332.46
3371.9 3390.78 3337.41 3348.37 161435300 3348.37
3386.79 3403.08 3321.35 3339.9 188797200 3339.9
3448 3470.69 3408.55 3442.89 169320000 3442.89
3520.33 3532.38 3424.72 3432.99 176011800 3432.99
3537.67 3577.59 3506.66 3576.45 110519000 3576.45
3559.12 3577.51 3504.31 3519.73 144737600 3519.73
3666.42 3667.94 3543.47 3555.36 151023400 3555.36
3665.85 3696.03 3626.54 3641.79 133447000 3641.79
3703.31 3726.04 3671.39 3705.32 136381400 3705.32
3750.7 3759.54 3722.38 3736.15 131633000 3736.15
3685.35 3704.59 3662.58 3687.21 197360200 3687.21
3671.96 3716.19 3660.25 3683.08 147755800 3683.08
3689.65 3689.65 3639.28 3675.93 166233600 3675.93
3590.83 3672.71 3590.83 3661.51 152375600 3661.51
3583.47 3630.16 3581.97 3626.04 155673600 3626.04
3536.85 3570.39 3507.57 3555.52 177228600 3555.52
3416.54 3538.61 3405.26 3516.64 172744600 3516.64
3411.81 3446.77 3364.84 3446.77 167829200 3446.77
3433.86 3433.86 3343.59 3380.36 177003000 3380.36
3397.17 3455.32 3381.73 3413.72 175973200 3413.72
3567.99 3593 3443.11 3455.61 223099000 3455.61
3572.76 3598.38 3549.88 3557.34 163039000 3557.34
3471.83 3505.73 3432.2 3501.5 143898400 3501.5
3481.66 3521.24 3414.5 3503.08 187823600 3503.08
3506.3 3528.78 3498.07 3507.56 64323600 3507.56
3553.17 3553.17 3501.17 3515.06 153896600 3515.06
3433.27 3527.7 3420.78 3525.31 207762200 3525.31
3393.44 3449.57 3374.78 3408.59 220441200 3408.59
3326.54 3348.64 3287.57 3331.29 224325800 3331.29
3460.49 3477.86 3399.58 3430.93 134297800 3430.93
3433.19 3458.67 3341.76 3430.74 291508000 3430.74
3522.46 3555.64 3362.17 3432.52 279907600 3432.52
3557.35 3576.14 3485.89 3511.67 221007000 3511.67
3601.38 3640.06 3576.27 3617.32 158030000 3617.32
3526.87 3594.94 3515.4 3543.55 167306700 3543.55
3706.77 3711.12 3543.74 3560.36 239780000 3560.36
3774.1 3774.1 3702.74 3731.54 130644800 3731.54
3665.77 3763.07 3639.34 3733.87 207577300 3733.87
3655.24 3700.29 3623.22 3693.2 222168000 3693.2
3605.84 3720.29 3461.96 3720.29 413011200 3720.29
3454.6 3538.86 3349.96 3392.59 438501300 3392.59
3583.75 3667.89 3541.82 3556.11 331062400 3556.11
3688.15 3705.08 3613.57 3636.03 274467800 3636.03
3827.05 3836.17 3678.89 3689.29 245235200 3689.29
3796.79 3847.21 3771.96 3828.46 100879200 3828.46
3829.64 3857.08 3783.95 3816.99 179653200 3816.99
3796.44 3857.64 3775.34 3840.62 180090900 3840.62
3815.39 3848.15 3749.53 3787 284113000 3787
3988.87 3995.96 3844.6 3844.6 164571600 3844.6
3995.26 4017.53 3978.31 3997.39 129533400 3997.39
3921.87 3968.5 3907.19 3951.3 161657800 3951.3
3969.5 4007.3 3907.43 3924.65 189281900 3924.65
4037.39 4037.39 3976.95 3977.67 138462800 3977.67
3987.75 4030.04 3970.63 4026.65 119539400 4026.65
3964.53 3987.05 3949.08 3970.47 0 3970.47
4044.89 4086 3976.42 3986.63 191295400 3986.63
4069.3 4084.69 4036.9 4065.65 136845000 4065.65
4051.65 4074.29 4046.61 4057.7 136845000 4057.7
4038.73 4058.1 4020.71 4031.99 126779600 4031.99
4078.38 4082.11 4032.04 4050.5 106880000 4050.5
4008.43 4050.54 4008.2 4050.54 104637800 4050.54
4007.37 4012.1 3952.14 3978.46 124318400 3978.46
4049.25 4052.03 4020.17 4026.97 115462800 4026.97
4048.9 4065.07 4026.74 4053.94 113667400 4053.94
3996.53 4041.58 3989.83 4034.23 111669600 4034.23
3982.15 3998.57 3943.03 3974.01 139164200 3974.01
4018.2 4028.64 3978.87 3987.41 117886800 3987.41
4002.13 4017.64 3971.12 4000.66 99561400 4000.66
3990.99 4002.92 3979.87 3988.93 105178200 3988.93
3951.71 4008.7 3950.95 4000.48 137603800 4000.48
3960.27 3966.96 3907.85 3949.81 132041600 3949.81
3927.62 3962.2 3926.87 3952.55 111188200 3952.55
3908.55 3928 3868.02 3928 119579800 3928
3953.44 3963.53 3906.11 3925.44 184326800 3925.44
3936.94 3964.78 3923.26 3938.18 125638800 3938.18
3954.3 3967.51 3943.17 3957.89 124548900 3957.89
3914.39 3951.47 3910.81 3938.95 108838800 3938.95
3921 3925.86 3889.13 3890.91 94752800 3890.91
3933.97 3956.42 3919.07 3927.4 114568600 3927.4
3921.26 3946.15 3909.95 3928.95 112501200 3928.95
3908.39 3950.64 3902.11 3943.55 123160400 3943.55
3907.73 3919.52 3876.09 3910.01 125235600 3910.01
3924.22 3924.22 3901.97 3903.54 112178600 3903.54
3845.99 3910.42 3838.34 3910.42 153790200 3910.42
3813.4 3850.73 3809.72 3828.41 148795800 3828.41
3799.33 3849.73 3787.96 3842.52 123313800 3842.52
3770.64 3811.92 3763.16 3811.92 120318200 3811.92
3739.56 3771.81 3724.84 3769.54 145259800 3769.54
3680.61 3710.31 3648.34 3708.8 151634000 3708.8
3694.56 3724.69 3633.81 3640.77 171807600 3640.77
3713.44 3727.81 3683.81 3715.68 128846800 3715.68
3780.34 3791.56 3696.49 3707.06 149071400 3707.06
3780.68 3781.98 3752.88 3756.7 147653400 3756.7
3711.86 3772.67 3707.19 3769.54 137178400 3769.54
3719.06 3752.05 3711.31 3747.83 132533000 3747.83
3707.18 3748.66 3700.19 3725.21 149233400 3725.21
3641.42 3669.04 3602.31 3669.04 147701400 3669.04
3621.41 3641.98 3599.63 3609.22 109986800 3609.22
3647.27 3661.04 3579.4 3599.07 186454000 3599.07
3659.95 3675.64 3581.86 3616.75 261448600 3616.75
3638.39 3673.63 3617.72 3635.61 187758600 3635.61
3598.66 3633.59 3583.54 3612.76 147671300 3612.76
3595.38 3616.67 3545.91 3607.27 169862000 3607.27
3665.91 3673.71 3563.76 3563.76 263299600 3563.76
3792.42 3806.21 3685.57 3689.25 175687000 3689.25
3819.77 3831.38 3784.32 3793.47 124554600 3793.47
3766.83 3819.07 3737.72 3812.13 134752600 3812.13
3713.17 3774.36 3702.01 3762.01 119833200 3762.01
3712.02 3768.39 3696 3739.46 149875800 3739.46
3812.19 3812.19 3688.79 3688.79 168079800 3688.79
3769.66 3793.63 3737.29 3759.8 136321600 3759.8
3748.03 3807.48 3741.36 3807.04 141543200 3807.04
3793.63 3833.44 3780.5 3781.85 131374000 3781.85
3840.06 3859.65 3786.29 3820.78 170381000 3820.78
3955.78 3966.2 3862.16 3862.16 112341400 3862.16
3996.36 4013.48 3915.96 3928.95 143524600 3928.95
 3968.73 4019.88 3930.91 4009.67 115690200 4009.67
3971.17 3982.79 3954.28 3977.46 86949800 3977.46
4030.94 4044.08 3949.9 3954.38 162295200 3954.38
4029.2 4029.71 3993.5 4015.77 108974600 4015.77
3979.94 4007.86 3979.15 4000.86 117700800 4000.86
4044.19 4049.48 3980.2 4000.05 124775800 4000.05
4071.4 4088.18 4039.33 4043.09 110068800 4043.09
4042.64 4051.41 4013.34 4045.14 131783200 4045.14
4005.96 4032.24 3983.9 4024.8 118430400 4024.8
4,014.45 4,022.94 3,996.80 4,017.67 110,087,000.00 4,017.67
4,012.43 4,028.34 3,993.33 4,012.91 129,518,600.00 4,012.91
3,952.21 4,013.97 3,950.61 4,013.97 113,396,000.00 4,013.97
 180
Adj. Base 100 160
Date SeLogerFrench CAC 40 Axel Springer
140
1/18/2011 165.48 99.25 164.04
1/17/2011 152.81 98.33 120
157.61
1/14/2011 153.07 98.52 154.07
100
1/13/2011 153.07 98.31 155.77
80
1/12/2011 153.42 97.58 157.48
1/11/2011 153.07 95.52 156.82
60
1/10/2011 152.50 94.04 155.84
40
1/7/2011 152.85 95.61 157.41
1/6/2011 152.41 96.57 20
159.78
1/5/2011 152.41 96.57 159.580
1/4/2011 152.72 96.86 162.80
0
0
b2 0
b 0
M 20 0
ar 10

M 20 0
ar 10
r 0

n 0
n2 0
l2 0
r 0
M r 20 0
M 20 0
M 20 0
ay 10
n 0

l2 0
Jan 201
Jan 201
Fe 201
Fe 01
Fe 201

ar 1

A p 201
A p 201
A p 201
ay 1

Ju 201
Ju 201
Ju 01
Ju 01
ay 1

Ju 201
1/3/2011 154.82 96.48 159.84

M 20
Jan

b
12/31/2010 154.52 94.11 160.10
12/30/2010 153.77 95.24 157.55 SeLoger French C
12/29/2010 153.64 96.23 160.56
12/28/2010 153.99 95.44 158.79
12/27/2010 154.39 95.53 160.10
12/24/2010 153.25 96.47 160.24
12/23/2010 153.95 96.74 153.67
12/22/2010 154.82 96.95 152.23
12/21/2010 155.26 97.14 153.54
12/20/2010 154.82 96.09 151.51
12/17/2010 154.43 95.65 148.88
12/16/2010 153.29 96.17 151.64
12/15/2010 152.98 95.97 153.87
12/14/2010 152.41 96.53 153.67
12/13/2010 152.63 96.27 152.23
12/10/2010 153.38 95.41 153.74
12/9/2010 151.27 95.42 156.56
12/8/2010 151.89 94.78 155.91
12/7/2010 151.32 94.25 154.72
12/6/2010 152.41 92.73 152.43
12/3/2010 152.11 92.76 145.41
12/2/2010 151.10 92.68 141.73
12/1/2010 150.88 90.75 141.60
11/30/2010 150.66 89.30 145.67
11/29/2010 150.75 89.95 148.10
11/26/2010 152.19 92.22 147.31
11/25/2010 153.07 93.01 140.88
11/24/2010 154.82 92.69 142.91
11/23/2010 154.82 92.12 148.36
11/22/2010 154.65 94.45 148.10
11/19/2010 154.43 95.48 144.82
11/18/2010 154.39 95.67 142.39
11/17/2010 153.51 93.80 149.48
11/16/2010 155.18 93.06 149.80
11/15/2010 154.74 95.58 146.33
11/12/2010 154.82 94.76 138.32
11/11/2010 154.39 95.65 142.39
11/10/2010 155.92 96.18 141.54
11/9/2010 156.14 97.59 140.75
11/8/2010 155.70 96.80 142.85
11/5/2010 156.14 96.87 139.57
11/4/2010 156.14 96.88 139.96
11/3/2010 156.58 95.05 140.55
11/2/2010 157.85 95.61 140.22
11/1/2010 158.33 95.00 139.37
10/29/2010 157.02 94.82 138.32
10/28/2010 156.36 94.85 141.54
10/27/2010 156.36 94.38 142.45
10/26/2010 157.24 95.29 142.32
10/25/2010 160.09 95.72 140.88
10/22/2010 161.84 95.68 138.12
10/21/2010 159.21 95.92 137.80
10/20/2010 159.43 94.68 135.50
10/19/2010 163.46 94.16 138.39
10/18/2010 164.52 94.84 133.99
10/15/2010 165.57 94.66 131.23
10/14/2010 164.87 94.46 130.91
10/13/2010 164.91 94.69 131.04
10/12/2010 164.12 92.72 130.97
10/11/2010 164.91 93.21 131.21
10/8/2010 164.04 93.08 130.24
10/7/2010 162.94 93.26 130.58
10/6/2010 162.28 93.12 128.12
10/5/2010 164.69 92.30 128.87
10/4/2010 164.47 90.27 127.24
10/1/2010 165.57 91.32 126.64
9/30/2010 164.61 91.89 126.43
9/29/2010 165.22 92.43 126.76
9/28/2010 164.91 93.06 124.67
9/27/2010 165.57 93.15 124.36
9/24/2010 164.47 93.55 127.30
9/23/2010 165.57 91.78 126.12
9/22/2010 166.23 92.38 127.56
9/21/2010 165.66 93.60 125.00
9/20/2010 166.67 93.69 123.08
9/17/2010 165.00 92.06 121.00
9/16/2010 166.45 92.41 126.59
9/15/2010 131.58 92.89 126.97
9/14/2010 127.19 93.35 124.90
9/13/2010 128.51 93.18 122.83
9/10/2010 131.97 92.15 124.67
9/9/2010 131.14 92.06 125.98
9/8/2010 131.14 90.95 124.02
9/7/2010 128.95 90.12 122.05
9/6/2010 127.85 91.14 121.39
9/3/2010 128.60 90.83 121.21
9/2/2010 126.54 89.82 120.73
9/1/2010 128.51 89.63 120.01
8/31/2010 125.66 86.34 118.11
8/30/2010 125.00 86.25 118.11
8/27/2010 125.44 86.75 117.43
8/26/2010 122.37 85.95 116.73
8/25/2010 123.68 85.34 118.11
8/24/2010 126.54 86.35 117.87
8/23/2010 127.63 87.88 117.98
8/20/2010 127.19 87.21 117.77
8/19/2010 127.85 88.36 117.18
8/18/2010 127.19 90.23 117.01
8/17/2010 131.54 90.60 118.10
8/16/2010 132.02 88.98 118.11
8/13/2010 132.11 89.31 119.03
8/12/2010 133.25 89.56 120.22
8/11/2010 131.58 89.74 121.52
8/10/2010 133.11 92.27 122.44
8/9/2010 133.95 93.43 123.29
8/6/2010 133.86 91.91 122.70
8/5/2010 132.89 93.10 123.36
8/4/2010 132.46 93.02 123.23
8/3/2010 132.89 92.69 120.73
8/2/2010 132.46 92.80 118.70
7/30/2010 132.89 90.11 118.70
7/29/2010 131.54 90.32 119.71
7/28/2010 132.46 90.78 120.18
7/27/2010 129.61 90.68 117.06
7/26/2010 126.10 89.94 112.40
7/23/2010 126.10 89.22 110.89
7/22/2010 127.19 89.05 111.06
7/21/2010 129.47 86.42 108.46
7/20/2010 130.48 85.78 109.38
7/19/2010 131.62 86.23 110.24
7/16/2010 131.36 86.57 110.39
7/15/2010 131.58 88.59 111.81
7/14/2010 130.92 89.86 111.52
7/13/2010 130.92 89.97 110.58
7/12/2010 131.58 88.24 112.19
7/9/2010 131.58 87.91 112.86
7/8/2010 129.39 87.51 113.65
7/7/2010 127.19 86.16 112.59
7/6/2010 129.21 84.67 113.66
7/5/2010 123.51 82.42 111.15
7/2/2010 123.90 82.82 113.53
7/1/2010 123.77 82.61 109.53
6/30/2010 126.05 85.15 114.49
6/29/2010 125.22 84.91 111.60
6/28/2010 125.00 88.46 112.03
6/25/2010 124.12 87.06 111.55
6/24/2010 123.90 87.94 111.88
6/23/2010 125.88 90.07 108.40
6/22/2010 122.81 91.65 104.97
6/21/2010 122.59 92.41 104.78
6/18/2010 119.30 91.20 104.88
6/17/2010 122.11 91.10 104.72
6/16/2010 122.81 90.92 104.86
6/15/2010 121.36 90.56 102.51
6/14/2010 119.69 89.68 103.15
6/11/2010 121.49 87.94 102.36
6/10/2010 122.24 86.98 103.62
6/9/2010 128.29 85.25 104.48
6/8/2010 122.81 83.61 105.98
6/7/2010 124.56 84.43 109.58
6/4/2010 126.71 85.47 110.43
6/3/2010 127.19 87.99 109.24
6/2/2010 118.42 86.60 110.24
6/1/2010 118.11 86.64 107.69
5/31/2010 118.86 86.75 105.84
5/28/2010 122.81 86.94 106.30
5/27/2010 121.36 87.19 102.94
5/26/2010 120.61 84.31 104.33
5/25/2010 125.83 82.39 104.32
5/24/2010 126.49 84.86 106.56
5/21/2010 128.07 84.85 109.44
5/20/2010 133.77 84.90 109.44
5/19/2010 138.60 86.86 110.03
5/18/2010 130.96 89.47 111.06
5/17/2010 128.86 87.64 112.19
5/14/2010 129.39 88.06 113.99
5/13/2010 122.81 92.29 106.96
5/12/2010 130.26 92.35 108.82
5/11/2010 127.24 91.35 104.20
5/10/2010 132.89 92.02 112.05
5/7/2010 133.51 83.91 113.06
5/6/2010 133.33 87.96 111.01
5/5/2010 132.89 89.93 116.51
5/4/2010 130.70 91.25 111.99
5/3/2010 128.29 94.69 111.82
4/30/2010 132.02 94.41 110.89
4/29/2010 130.35 94.99 114.44
4/28/2010 131.58 93.67 114.67
4/27/2010 131.58 95.09 117.98
4/26/2010 130.66 98.87 120.42
4/23/2010 130.26 97.73 120.10
4/22/2010 131.84 97.07 122.31
4/21/2010 130.44 98.38 116.54
4/20/2010 130.79 99.59 119.24
4/19/2010 133.77 98.20 118.50
4/16/2010 135.31 98.60 114.49
4/15/2010 137.76 100.56 112.86
4/14/2010 135.96 100.36 112.76
4/13/2010 136.97 99.73 111.89
4/12/2010 133.11 100.18 111.81
4/9/2010 130.70 100.18 113.45
4/8/2010 128.86 98.40 112.93
4/7/2010 130.31 99.60 113.53
4/6/2010 135.53 100.27 112.35
4/1/2010 138.16 99.78 111.55
3/31/2010 130.48 98.29 109.91
3/30/2010 125.09 98.62 108.53
3/29/2010 118.42 98.95 108.36
3/26/2010 110.53 98.66 108.35
3/25/2010 108.68 98.95 108.92
3/24/2010 110.53 97.69 107.94
3/23/2010 112.28 97.76 108.03
3/22/2010 113.16 97.15 108.66
3/19/2010 112.72 97.09 109.30
3/18/2010 112.59 97.41 110.14
3/17/2010 112.50 97.89 110.37
3/16/2010 113.38 97.42 111.55
3/15/2010 113.16 96.24 111.18
3/12/2010 111.23 97.14 111.04
3/11/2010 111.40 97.18 111.81
3/10/2010 110.53 97.54 112.40
3/9/2010 110.04 96.71 110.28
3/8/2010 110.09 96.55 109.93
3/5/2010 111.40 96.72 111.61
3/4/2010 112.46 94.69 110.42
3/3/2010 110.75 95.04 106.17
3/2/2010 112.28 94.28 103.33
3/1/2010 110.75 93.23 104.99
2/26/2010 110.75 91.73 105.62
2/25/2010 109.65 90.05 106.04
2/24/2010 109.65 91.90 105.66
2/23/2010 108.51 91.69 105.58
2/22/2010 105.26 92.92 103.50
2/19/2010 105.39 93.23 104.72
2/18/2010 102.63 92.70 101.38
2/17/2010 101.10 92.14 100.49
2/16/2010 103.07 90.75 100.18
2/15/2010 100.88 89.27 98.20
2/12/2010 103.29 89.02 97.98
2/11/2010 105.53 89.46 97.70
2/10/2010 107.06 89.92 99.02
2/9/2010 108.51 89.36 99.63
2/8/2010 106.93 89.22 100.79
2/5/2010 107.32 88.14 100.09
2/4/2010 110.26 91.25 99.08
2/3/2010 113.11 93.83 99.63
2/2/2010 109.21 94.29 99.87
2/1/2010 108.99 93.05 98.78
1/29/2010 108.95 92.49 96.84
1/28/2010 107.19 91.24 96.21
1/27/2010 109.21 92.99 98.23
1/26/2010 107.02 94.16 98.04
1/25/2010 106.71 93.54 99.08
1/22/2010 110.00 94.50 100.13
1/21/2010 114.91 95.52 101.30
1/20/2010 111.23 97.18 100.33
1/19/2010 106.32 99.17 100.25
1/18/2010 102.89 98.38 101.18
1/15/2010 105.22 97.81 100.39
1/14/2010 100.88 99.32 99.74
1/13/2010 99.65 98.96 100.79
1/12/2010 100.00 98.94 99.82
1/11/2010 100.00 100.00 101.57
1/8/2010 101.01 100.05 100.39
1/7/2010 100.00 100.00 100.00
1/6/2010
1/5/2010
1/4/2010
 M 20
ar 1
M 20 0
ar 10
A p 201
r 0
A p 201
r 0
A p 201
M r 20 0
ay 1
M 20 0
ay 1
M 20 0
ay 10

SeLoger
Ju 201
n 0
Ju 201
n 0
Ju 201
n2 0
Ju 01
l2 0
Ju 01
l2 0
Ju 010
Au l 20
g 1

French CAC 40
A u 20 0
g 1
A u 2010
g 0
Se 201
p2 0
Se 01
p 0
Se 201
p 0
Oc 2 0 1
t 0

Axel Springer
Oc 2 0 1
t 0
Oc 2 0 1
t
No 2010
v2 0
No 0
v 1
No 2010
v 0
De 201
c 0
De 201
c 0
De 201
c 0
Jan 201
0
Jan 201
20 1
11
 Analysis of the premium / (discount) of the offer price over historical share price
Premium /
At 9 September 2010 of At 27 September 2010
(discount)
Share price the offer Share price
Share price (€) price (€)
Closing 30.0 13.3% 37.5
5-days volume weighted average 29.6 15.1% 37.6
1-month volume weighted average 29.2 16.3% 37.5
3-month volume weighted average 29.2 16.3% 35.5
6-month volume weighted average 29.2 16.4% 33.2
12-month volume weighted average 27.2 25.0% 30.1
Higher (12 months) 31.6 7.6% 38.0
Lower (12 months) 22.5 51.0% 22.5

Source: Factset

min 13.3%
max 25.0%
orical share price
Premium /
At 27 September 2010of
(discount)
the offer
price
(9.4%)
(9.6%)
(9.3%)
(4.3%)
2.6%
13.1%
(10.5%)
51.0%
Peers multiples

Nomura assumptions

Analysis of peers' trading multip

(data as of 9 september 2010, in €m, except for share price data) EBITDA m
Share Equity Net Enterprise
Company Country price value Debt value 2010E
Rightmove UK 7.08 1,014 (25) 989 15.1x
REA Group Australia 11.82 1,106 (62) 1,044 16.3x
Mean 9.45 1060 -43.3 1016.7
### 15.7

Implied valuation fo

EBITD
2010E
Share price 42716300.7

Mean 670,645,921.57
Min 645,016,141.13
Max 696,275,702.01

Finexi assumptions

Analysis of peers' trading multi

1. "Restricted" sample

(data as of 9 september 2010)

Company
Rightmove
REA Group
Mean

2. Expanded sample

(data as of 9 september 2010)

Company
Rightmove
REA Group
Carsales.com
Dice
Seek
Mean

Note: the "expanded" sample refers to the companies not directly linked to SeLoger's business but va
- online classified adverstising business
- similar business model: revenues mainly resulting from a professional clientele (B-to-B business) th
- comparable level of profitability and growth in EBITDA margin
eers' trading multiples - Nomura analysis
EBITDA multiples EBIT multiples

2011E 2012E 2010E 2011E 2012E

12.9x 11.4x 15.6x 13.5x 12.4x
13.3x 11.4x 17.9x 14.6x 12.5x
13.1 11.4
### 16.75 14.05 12.45

mplied valuation for SeLoger

EBITDA EBIT
2011E 2012E 2010E 2011E 2012E
55112130.1 62599948.7 34413837.3 44400377.5 50432842.1

721,968,904.16 713,639,415.64
### 576,431,774.34 623,825,303.40 627,888,883.89
710,946,478.14 713,639,415.64
### 536,855,861.47 599,405,095.79 625,367,241.79
732,991,330.18 713,639,415.64
### 616,007,687.20 648,245,511.01 630,410,525.99

peers' trading multiples - Finexi analysis

EV / EBITDA
2010E 2011E 2012E
14.3x 12.3x 11.2x
15.3x 12.3x 10.6x
14.8x 12.3x 10.9x

EV / EBITDA
 2010E 2011E 2012E
14.3x 12.3x 11.2x
15.3x 12.3x 10.6x
16.4x 13.1x 11.3x
9.1x 7.2x 6.2x
19.0x 14.5x 12.6x
14.8x 11.9x 10.4x

Loger's business but validating the following criterion:

ele (B-to-B business) that pay for putting the advertissements online
Transaction multiples

Analysis of comparable transactions' multiples

Sales
Date Acquiror Target Country (year
N)
29 Sep. 2010 Le Figaro Adenclassifieds France 61.00
22 Sep. 2010 Schibsted Le Bon Coin France 36.54
17 Sep. 2007 Deutsche Tel Immobilien Scout Germany c. 53.00
Mean 48.77

Source: Factset, company disclosures

Analysis of transactions' multiples for Internet p

Date Acquiror Target Country EV

1 Sep. 2010 Group CCM Benchmark (Internet news) France 55

1 Feb. 2009 Populis LeGuide (shopping directories) France 51
1 Jun. 2008 LeGuide Dooyoo (consumer information) Germany 10

Mean 38.67

Source: CapitalIQ, MergerMarket, Vulcain

tiples
EBITDA EBITDA
(year multiple
N) N+1
9.00 15.8x 142609999.5
21.56 18.0x 389062176.58
20.57 17.4x 358855076.640
15.28 17.11 261474754.71

tions' multiples for Internet publishing companies

Sales EBITDA monthly UV EV/sales EV/Ebitda EV/UV EV/UV adj

17.0 4.0 18.7 3.2x 13.8x 2.9x 2.1x

18.2 4.4 10.0 2.8x 11.6x 5.1x 1.8x
3.4 0.9 3.8 2.9x 11.1x 2.6x 1.8x

12.87 3.10 10.83 2.99 12.15 3.56 1.90

 55000000 55000000 55000000
51000000 51000000 51000000
10000000 10000000 10000000

38508511.1 37667087.54 38540505.68

DCF Valuation

Forcasted F

(in €m) 2007 2008

Sales 57,219,155.00 71,666,591.00
% growth 25.25%
EBITDA 29,667,743.00 36,944,298.00
% margin 51.85% 51.55%
EBIT 23,917,720.00 29,750,357.00
% margin 41.80% 41.51%

- Taxes @ 34% 7,702,293.83 10,468,589.61

+ D&A 5,634,442.00 5,981,111.00
- Change in NWC - 946,364.00 - 559,336.00
as % of Sales 1.65% 0.78%
- Capex 1,473,479.00 1,459,994.00
as % of Sales 2.58% 2.04%
Free Cash Flow 22,376,983.17 26,163,536.39

Discount factor adjustment for 3 months

Discounted Free Cash Flow
Discounted terminal value
Enterprise value
Net financial debt

Equity value
NOSH (# outstanding shares)
Implied share price
Implied premium to AS's €34 offer
Implied premium to closing price (as of 9 Sep. 2010)

(1) Available during the offer period

SENSITIVITY ANALYSIS
Enterprise value (€m)

- 800,463,283.62
9.36%
9.11%
8.86%
WACC

8.61%
8.36%
8.11%
7.86%
Share price (€)

- 47.86
9.36%
9.11%
8.86%
WACC

8.61%
8.36%
8.11%
7.86%
 Forcasted Free Cash Flow - Valuation as of September 2010

2009 2010 2011 2012 2013

73,045,265.00 82,969,571.99 94,242,246.58 107,046,484.97 121,590,373.32
1.92% 13.59% 13.59% 13.59% 13.59%
37,292,042.00 42,716,300.74 48,519,957.99 55,112,130.09 62,599,948.74
51.05% 51.48% 51.48% 51.48% 51.48%
30,036,661.00 34,413,837.27 39,089,478.96 44,400,377.47 50,432,842.08
41.12% 41.48% 41.48% 41.48% 41.48%

10,816,766.33 11,700,704.67 13,290,422.84 15,096,128.34 17,147,166.31

6,115,728.00 6,115,728.00 6,115,728.00 6,115,728.00 6,115,728.00
3,755,808.00 3,755,808.00 3,755,808.00 3,755,808.00 3,755,808.00
5.14% 4.53% 3.99% 3.51% 3.09%
455,565.00 1,129,679.33 1,129,679.33 1,129,679.33 1,129,679.33
0.62% 1.36% 1.20% 1.06% 0.93%
29,546,995.67 33,714,347.93 36,800,271.44 40,305,464.46 44,286,891.11

33,714,347.93 33,454,792.22 33,310,301.21 33,273,396.77

800,463,283.62
3,800,000.00

796,663,283.62
16,646,503
47.86
-41%
-60%
 Perpetual growth

1.75% 2.00% 2.25% 2.50% 2.75%

Perpetual growth

1.75% 2.00% 2.25% 2.50% 2.75%

 WACC Calculation

2014 2015 2016 Risk-free rate

138,110,269.46 156,874,644.02 178,188,443.42 Market risk premium
13.59% 13.59% 13.59% Unlevered beta
71,105,101.11 80,765,807.41 91,739,067.16 Relevered beta
51.48% 51.48% 51.48% Cost of equity
57,284,908.49 65,067,932.04 73,908,397.37 Cost of debt
41.48% 41.48% 41.48% Tax rate
Cost of debt (post-tax)
19,476,868.89 22,123,096.89 25,128,855.11
6,115,728.00 6,115,728.00 6,115,728.00 Target D/E
3,755,808.00 3,755,808.00 3,755,808.00 D/(D+E)
2.72% 2.39% 2.11% E/(D+E)
1,129,679.33 1,129,679.33 1,129,679.33
0.82% 0.72% 0.63% WACC
48,809,254.94 53,946,050.48 59,780,757.60 - Growth Rate

33,337,377.87 33,496,253.04 33,744,679.18

1,002,937,611.91
3.00% 3.25%

Steps G 0.25%
Steps WACC 0.25%

3.00% 3.25%
 2.60%
6.30%
1.1
1.0
9.10%
5.60%
34%
3.70%

10%
9.09%
90.91%

8.61%
2.50%
Multi-criteria valuation: Football field
Valuation Method lo (bar) lo (label hi (bar)
DCF 608,466,132.28 619,975,697.63 800,463,283.62
Peers 645,016,141.13 710,946,478.14 696,275,702.01
Transactions 37,667,087.54 38,540,505.68 261,474,754.71

Chart Title
900,000,000.00

800,000,000.00

700,000,000.00

600,000,000.00

500,000,000.00

400,000,000.00

300,000,000.00

200,000,000.00

100,000,000.00

-
DCF Peers Transactions

Column G
 hi (label)
800,463,283.62
696,275,702.01
261,474,754.71

rs Transactions